{smcl}
{com}{sf}{ul off}{txt}{.-}
      name:  {res}<unnamed>
       {txt}log:  {res}C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP\LogMainTablesFigures.smcl
  {txt}log type:  {res}smcl
 {txt}opened on:  {res} 3 Jun 2021, 11:30:33
{txt}
{com}. 
. 
. *******************
. ***FIGURE 3
. *******************
. 
. use fig2, clear
{txt}
{com}. 
. label var per_spaincomp "% Spanish (All Members)"
{txt}
{com}. label var shsold "% New Entrants by Purchase"
{txt}
{com}. 
. twoway (line per_spaincomp year, lcolor(black) sort) (line shsold year, sort yaxis(2) lcolor(black) lpattern(dash)), legend( on rows(1) size(small) region(col(white))) xtitle("Year") ytitle("% Spanish (All Members)") graphregion(fcolor(white) lcolor(white) ifcolor(white) ilcolor(white))
{res}{txt}
{com}. 
. graph save fig2, replace
{res}{txt}(file fig2.gph saved)

{com}. 
. 
. *******************
. ***TABLE 1
. *******************
. 
. 
. use indivmemberslima.dta, clear
{txt}
{com}. 
. tab promotion purchase if promotion==1

   {txt}Exit by {c |} Purchased
promotion, {c |} seat, new
       new {c |}  members
   members {c |} 1687-1751
 1687-1751 {c |}         1 {c |}     Total
{hline 11}{c +}{hline 11}{c +}{hline 10}
         1 {c |}{res}         1 {txt}{c |}{res}         1 
{txt}{hline 11}{c +}{hline 11}{c +}{hline 10}
     Total {c |}{res}         1 {txt}{c |}{res}         1 
{txt}
{com}. tab death purchase if death==1

   {txt}Exit by {c |}
death, new {c |}  Purchased seat, new
   members {c |}   members 1687-1751
 1687-1751 {c |}         0          1 {c |}     Total
{hline 11}{c +}{hline 22}{c +}{hline 10}
         1 {c |}{res}         9         12 {txt}{c |}{res}        21 
{txt}{hline 11}{c +}{hline 22}{c +}{hline 10}
     Total {c |}{res}         9         12 {txt}{c |}{res}        21 
{txt}
{com}. tab removed purchase if removed==1

   {txt}Exit by {c |} Purchased
  removal, {c |} seat, new
       new {c |}  members
   members {c |} 1687-1751
 1687-1751 {c |}         1 {c |}     Total
{hline 11}{c +}{hline 11}{c +}{hline 10}
         1 {c |}{res}         8 {txt}{c |}{res}         8 
{txt}{hline 11}{c +}{hline 11}{c +}{hline 10}
     Total {c |}{res}         8 {txt}{c |}{res}         8 
{txt}
{com}. tab retire purchase if retire==1

   {txt}Exit by {c |}
retirement {c |}
     , new {c |}  Purchased seat, new
   members {c |}   members 1687-1751
 1687-1751 {c |}         0          1 {c |}     Total
{hline 11}{c +}{hline 22}{c +}{hline 10}
         1 {c |}{res}         2          1 {txt}{c |}{res}         3 
{txt}{hline 11}{c +}{hline 22}{c +}{hline 10}
     Total {c |}{res}         2          1 {txt}{c |}{res}         3 
{txt}
{com}. 
. 
. *\begin{c -(}tabular{c )-}{c -(}lccccc{c )-}
. *                          & Promotion & Death & Removed & Retired & Total \\ \hline
. *Both                      & 1   & 21   &  8     & 3     &  33 \\  \hline
. *Non-purchaser ("Careerist")& 0  & 9    & 0       & 2    &  11  \\ 
. *Purchaser ("Non Careerist") & 1  & 12    & 8      & 1    &  22  \\ 
. *\end{c -(}tabular{c )-}
. *\end{c -(}table{c )-}
. 
. 
. *******************
. ***TABLE 2: OLS
. *******************
. 
. *new members data
. 
. use newmembersdata.dta, clear
{txt}
{com}. 
. #delimit;
{txt}delimiter now ;
{com}. local replace replace;
{txt}
{com}. foreach var of varlist difprice lgprice {c -(};
{txt}  2{com}. xi: xtreg `var' chshsold distfuture  obyear1-obyear8 i.year, fe cluster(provcode);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. outreg2 using  Table2.tex, `replace' dec(2) nocons noni
> adds("Provinces", e(N_clust), "Mean DV", `mean');
{txt}  6{com}. local replace;
{txt}  7{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
{p 0 6 2}note: obyear6 omitted because of collinearity{p_end}
{p 0 6 2}note: obyear8 omitted because of collinearity{p_end}
{p 0 6 2}note: _Iyear_1750 omitted because of collinearity{p_end}
{p 0 6 2}note: _Iyear_1751 omitted because of collinearity{p_end}
{res}
{txt}Fixed-effects (within) regression{col 49}Number of obs{col 67}={col 69}{res}       397
{txt}Group variable: {res}provcode{txt}{col 49}Number of groups{col 67}={col 69}{res}        46

{txt}R-sq:{col 49}Obs per group:
     within  = {res}0.4639{col 63}{txt}min{col 67}={col 69}{res}         3
{txt}     between = {res}0.0361{col 63}{txt}avg{col 67}={col 69}{res}       8.6
{txt}     overall = {res}0.0114{col 63}{txt}max{col 67}={col 69}{res}        15

{col 49}{help j_robustsingular##|_new:F(45,45)}{col 67}{txt}={col 70}{res}        .
{txt}corr(u_i, Xb){col 16}= {res}-0.9931{txt}{col 49}Prob > F{col 67}={col 73}{res}     .

{txt}{ralign 78:(Std. Err. adjusted for {res:46} clusters in provcode)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    difprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} 55.34296{col 26}{space 2} 18.23218{col 37}{space 1}    3.04{col 46}{space 3}0.004{col 54}{space 4} 18.62147{col 67}{space 3} 92.06445
{txt}{space 2}distfuture {c |}{col 14}{res}{space 2} 206.4894{col 26}{space 2} 43.08703{col 37}{space 1}    4.79{col 46}{space 3}0.000{col 54}{space 4} 119.7076{col 67}{space 3} 293.2711
{txt}{space 5}obyear1 {c |}{col 14}{res}{space 2} 6720.449{col 26}{space 2} 2035.529{col 37}{space 1}    3.30{col 46}{space 3}0.002{col 54}{space 4} 2620.684{col 67}{space 3} 10820.21
{txt}{space 5}obyear2 {c |}{col 14}{res}{space 2} 6734.857{col 26}{space 2}  2028.73{col 37}{space 1}    3.32{col 46}{space 3}0.002{col 54}{space 4} 2648.785{col 67}{space 3} 10820.93
{txt}{space 5}obyear3 {c |}{col 14}{res}{space 2} 6658.871{col 26}{space 2} 2030.802{col 37}{space 1}    3.28{col 46}{space 3}0.002{col 54}{space 4} 2568.625{col 67}{space 3} 10749.12
{txt}{space 5}obyear4 {c |}{col 14}{res}{space 2} 6749.642{col 26}{space 2} 2027.604{col 37}{space 1}    3.33{col 46}{space 3}0.002{col 54}{space 4} 2665.838{col 67}{space 3} 10833.45
{txt}{space 5}obyear5 {c |}{col 14}{res}{space 2} 6741.119{col 26}{space 2} 2031.606{col 37}{space 1}    3.32{col 46}{space 3}0.002{col 54}{space 4} 2649.254{col 67}{space 3} 10832.98
{txt}{space 5}obyear6 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 5}obyear7 {c |}{col 14}{res}{space 2} 6744.406{col 26}{space 2} 2040.691{col 37}{space 1}    3.30{col 46}{space 3}0.002{col 54}{space 4} 2634.242{col 67}{space 3} 10854.57
{txt}{space 5}obyear8 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 1}_Iyear_1688 {c |}{col 14}{res}{space 2} 418593.4{col 26}{space 2} 127390.8{col 37}{space 1}    3.29{col 46}{space 3}0.002{col 54}{space 4} 162015.3{col 67}{space 3} 675171.6
{txt}{space 1}_Iyear_1689 {c |}{col 14}{res}{space 2} 410657.6{col 26}{space 2} 124714.2{col 37}{space 1}    3.29{col 46}{space 3}0.002{col 54}{space 4} 159470.3{col 67}{space 3}   661845
{txt}{space 1}_Iyear_1690 {c |}{col 14}{res}{space 2} 407432.6{col 26}{space 2} 123600.3{col 37}{space 1}    3.30{col 46}{space 3}0.002{col 54}{space 4} 158488.8{col 67}{space 3} 656376.4
{txt}{space 1}_Iyear_1691 {c |}{col 14}{res}{space 2} 401080.4{col 26}{space 2} 121218.9{col 37}{space 1}    3.31{col 46}{space 3}0.002{col 54}{space 4} 156933.1{col 67}{space 3} 645227.7
{txt}{space 1}_Iyear_1692 {c |}{col 14}{res}{space 2} 394286.2{col 26}{space 2} 119261.4{col 37}{space 1}    3.31{col 46}{space 3}0.002{col 54}{space 4} 154081.4{col 67}{space 3}   634491
{txt}{space 1}_Iyear_1693 {c |}{col 14}{res}{space 2} 385763.1{col 26}{space 2} 117218.6{col 37}{space 1}    3.29{col 46}{space 3}0.002{col 54}{space 4} 149672.7{col 67}{space 3} 621853.5
{txt}{space 1}_Iyear_1694 {c |}{col 14}{res}{space 2} 377818.1{col 26}{space 2} 115078.7{col 37}{space 1}    3.28{col 46}{space 3}0.002{col 54}{space 4} 146037.6{col 67}{space 3} 609598.5
{txt}{space 1}_Iyear_1695 {c |}{col 14}{res}{space 2} 370143.3{col 26}{space 2} 112947.9{col 37}{space 1}    3.28{col 46}{space 3}0.002{col 54}{space 4} 142654.6{col 67}{space 3}   597632
{txt}{space 1}_Iyear_1696 {c |}{col 14}{res}{space 2} 363565.7{col 26}{space 2} 110864.7{col 37}{space 1}    3.28{col 46}{space 3}0.002{col 54}{space 4} 140272.7{col 67}{space 3} 586858.6
{txt}{space 1}_Iyear_1697 {c |}{col 14}{res}{space 2} 356881.1{col 26}{space 2} 108875.6{col 37}{space 1}    3.28{col 46}{space 3}0.002{col 54}{space 4} 137594.4{col 67}{space 3} 576167.7
{txt}{space 1}_Iyear_1698 {c |}{col 14}{res}{space 2} 349630.5{col 26}{space 2} 106789.6{col 37}{space 1}    3.27{col 46}{space 3}0.002{col 54}{space 4} 134545.2{col 67}{space 3} 564715.7
{txt}{space 1}_Iyear_1699 {c |}{col 14}{res}{space 2} 339717.8{col 26}{space 2} 104723.4{col 37}{space 1}    3.24{col 46}{space 3}0.002{col 54}{space 4} 128794.1{col 67}{space 3} 550641.5
{txt}{space 1}_Iyear_1700 {c |}{col 14}{res}{space 2} 335415.5{col 26}{space 2} 102652.7{col 37}{space 1}    3.27{col 46}{space 3}0.002{col 54}{space 4} 128662.4{col 67}{space 3} 542168.7
{txt}{space 1}_Iyear_1704 {c |}{col 14}{res}{space 2} 310056.4{col 26}{space 2} 94545.87{col 37}{space 1}    3.28{col 46}{space 3}0.002{col 54}{space 4} 119631.2{col 67}{space 3} 500481.5
{txt}{space 1}_Iyear_1705 {c |}{col 14}{res}{space 2} 301626.3{col 26}{space 2} 92269.86{col 37}{space 1}    3.27{col 46}{space 3}0.002{col 54}{space 4} 115785.2{col 67}{space 3} 487467.3
{txt}{space 1}_Iyear_1706 {c |}{col 14}{res}{space 2} 294600.7{col 26}{space 2} 90501.09{col 37}{space 1}    3.26{col 46}{space 3}0.002{col 54}{space 4} 112322.1{col 67}{space 3} 476879.2
{txt}{space 1}_Iyear_1707 {c |}{col 14}{res}{space 2} 288579.3{col 26}{space 2} 88375.76{col 37}{space 1}    3.27{col 46}{space 3}0.002{col 54}{space 4} 110581.4{col 67}{space 3} 466577.2
{txt}{space 1}_Iyear_1708 {c |}{col 14}{res}{space 2} 282696.6{col 26}{space 2} 86605.15{col 37}{space 1}    3.26{col 46}{space 3}0.002{col 54}{space 4} 108264.9{col 67}{space 3} 457128.4
{txt}{space 1}_Iyear_1709 {c |}{col 14}{res}{space 2} 276955.5{col 26}{space 2} 84423.09{col 37}{space 1}    3.28{col 46}{space 3}0.002{col 54}{space 4} 106918.7{col 67}{space 3} 446992.4
{txt}{space 1}_Iyear_1710 {c |}{col 14}{res}{space 2} 269341.8{col 26}{space 2} 82606.18{col 37}{space 1}    3.26{col 46}{space 3}0.002{col 54}{space 4} 102964.4{col 67}{space 3} 435719.2
{txt}{space 1}_Iyear_1711 {c |}{col 14}{res}{space 2} 263178.1{col 26}{space 2} 80484.18{col 37}{space 1}    3.27{col 46}{space 3}0.002{col 54}{space 4} 101074.7{col 67}{space 3} 425281.6
{txt}{space 1}_Iyear_1712 {c |}{col 14}{res}{space 2} 255972.1{col 26}{space 2} 78162.55{col 37}{space 1}    3.27{col 46}{space 3}0.002{col 54}{space 4} 98544.63{col 67}{space 3} 413399.6
{txt}{space 1}_Iyear_1713 {c |}{col 14}{res}{space 2}   250718{col 26}{space 2} 76545.57{col 37}{space 1}    3.28{col 46}{space 3}0.002{col 54}{space 4}  96547.3{col 67}{space 3} 404888.7
{txt}{space 1}_Iyear_1714 {c |}{col 14}{res}{space 2} 245596.1{col 26}{space 2} 74395.71{col 37}{space 1}    3.30{col 46}{space 3}0.002{col 54}{space 4} 95755.48{col 67}{space 3} 395436.8
{txt}{space 1}_Iyear_1715 {c |}{col 14}{res}{space 2}   238011{col 26}{space 2} 72355.28{col 37}{space 1}    3.29{col 46}{space 3}0.002{col 54}{space 4} 92279.96{col 67}{space 3}   383742
{txt}{space 1}_Iyear_1716 {c |}{col 14}{res}{space 2} 230067.2{col 26}{space 2} 70169.64{col 37}{space 1}    3.28{col 46}{space 3}0.002{col 54}{space 4} 88738.29{col 67}{space 3} 371396.1
{txt}{space 1}_Iyear_1717 {c |}{col 14}{res}{space 2} 222883.7{col 26}{space 2} 68177.14{col 37}{space 1}    3.27{col 46}{space 3}0.002{col 54}{space 4} 85567.86{col 67}{space 3} 360199.5
{txt}{space 1}_Iyear_1718 {c |}{col 14}{res}{space 2} 218961.3{col 26}{space 2}  66253.1{col 37}{space 1}    3.30{col 46}{space 3}0.002{col 54}{space 4} 85520.71{col 67}{space 3} 352401.9
{txt}{space 1}_Iyear_1719 {c |}{col 14}{res}{space 2} 209983.5{col 26}{space 2} 64246.98{col 37}{space 1}    3.27{col 46}{space 3}0.002{col 54}{space 4} 80583.43{col 67}{space 3} 339383.6
{txt}{space 1}_Iyear_1720 {c |}{col 14}{res}{space 2} 204112.9{col 26}{space 2} 62215.13{col 37}{space 1}    3.28{col 46}{space 3}0.002{col 54}{space 4} 78805.21{col 67}{space 3} 329420.6
{txt}{space 1}_Iyear_1728 {c |}{col 14}{res}{space 2} 151403.4{col 26}{space 2} 45978.67{col 37}{space 1}    3.29{col 46}{space 3}0.002{col 54}{space 4}  58797.6{col 67}{space 3} 244009.2
{txt}{space 1}_Iyear_1729 {c |}{col 14}{res}{space 2}   144888{col 26}{space 2} 43837.83{col 37}{space 1}    3.31{col 46}{space 3}0.002{col 54}{space 4} 56594.13{col 67}{space 3}   233182
{txt}{space 1}_Iyear_1730 {c |}{col 14}{res}{space 2} 137346.4{col 26}{space 2} 41491.34{col 37}{space 1}    3.31{col 46}{space 3}0.002{col 54}{space 4} 53778.54{col 67}{space 3} 220914.2
{txt}{space 1}_Iyear_1731 {c |}{col 14}{res}{space 2} 128334.6{col 26}{space 2} 39334.39{col 37}{space 1}    3.26{col 46}{space 3}0.002{col 54}{space 4} 49111.06{col 67}{space 3} 207558.1
{txt}{space 1}_Iyear_1732 {c |}{col 14}{res}{space 2} 122230.7{col 26}{space 2} 37809.86{col 37}{space 1}    3.23{col 46}{space 3}0.002{col 54}{space 4} 46077.73{col 67}{space 3} 198383.7
{txt}{space 1}_Iyear_1733 {c |}{col 14}{res}{space 2} 115559.8{col 26}{space 2} 35764.07{col 37}{space 1}    3.23{col 46}{space 3}0.002{col 54}{space 4} 43527.31{col 67}{space 3} 187592.4
{txt}{space 1}_Iyear_1734 {c |}{col 14}{res}{space 2} 109075.4{col 26}{space 2} 33732.97{col 37}{space 1}    3.23{col 46}{space 3}0.002{col 54}{space 4} 41133.66{col 67}{space 3}   177017
{txt}{space 1}_Iyear_1735 {c |}{col 14}{res}{space 2} 102558.2{col 26}{space 2} 31738.85{col 37}{space 1}    3.23{col 46}{space 3}0.002{col 54}{space 4} 38632.84{col 67}{space 3} 166483.5
{txt}{space 1}_Iyear_1736 {c |}{col 14}{res}{space 2} 94249.54{col 26}{space 2} 29430.92{col 37}{space 1}    3.20{col 46}{space 3}0.003{col 54}{space 4} 34972.62{col 67}{space 3} 153526.5
{txt}{space 1}_Iyear_1737 {c |}{col 14}{res}{space 2}  89571.9{col 26}{space 2} 27592.71{col 37}{space 1}    3.25{col 46}{space 3}0.002{col 54}{space 4} 33997.33{col 67}{space 3} 145146.5
{txt}{space 1}_Iyear_1738 {c |}{col 14}{res}{space 2} 87228.32{col 26}{space 2} 25883.82{col 37}{space 1}    3.37{col 46}{space 3}0.002{col 54}{space 4} 35095.63{col 67}{space 3}   139361
{txt}{space 1}_Iyear_1739 {c |}{col 14}{res}{space 2} 81122.65{col 26}{space 2} 23561.32{col 37}{space 1}    3.44{col 46}{space 3}0.001{col 54}{space 4} 33667.72{col 67}{space 3} 128577.6
{txt}{space 1}_Iyear_1740 {c |}{col 14}{res}{space 2} 69303.74{col 26}{space 2} 21798.77{col 37}{space 1}    3.18{col 46}{space 3}0.003{col 54}{space 4} 25398.76{col 67}{space 3} 113208.7
{txt}{space 1}_Iyear_1741 {c |}{col 14}{res}{space 2}  63435.6{col 26}{space 2} 19402.84{col 37}{space 1}    3.27{col 46}{space 3}0.002{col 54}{space 4} 24356.26{col 67}{space 3} 102514.9
{txt}{space 1}_Iyear_1742 {c |}{col 14}{res}{space 2} 56846.03{col 26}{space 2} 17725.53{col 37}{space 1}    3.21{col 46}{space 3}0.002{col 54}{space 4} 21144.98{col 67}{space 3} 92547.08
{txt}{space 1}_Iyear_1744 {c |}{col 14}{res}{space 2} 44054.36{col 26}{space 2} 13472.27{col 37}{space 1}    3.27{col 46}{space 3}0.002{col 54}{space 4} 16919.82{col 67}{space 3}  71188.9
{txt}{space 1}_Iyear_1745 {c |}{col 14}{res}{space 2} 33696.13{col 26}{space 2} 11400.18{col 37}{space 1}    2.96{col 46}{space 3}0.005{col 54}{space 4} 10734.99{col 67}{space 3} 56657.26
{txt}{space 1}_Iyear_1746 {c |}{col 14}{res}{space 2} 28157.72{col 26}{space 2} 9264.906{col 37}{space 1}    3.04{col 46}{space 3}0.004{col 54}{space 4} 9497.245{col 67}{space 3}  46818.2
{txt}{space 1}_Iyear_1747 {c |}{col 14}{res}{space 2} 24964.59{col 26}{space 2} 7979.563{col 37}{space 1}    3.13{col 46}{space 3}0.003{col 54}{space 4} 8892.929{col 67}{space 3} 41036.26
{txt}{space 1}_Iyear_1748 {c |}{col 14}{res}{space 2} 19701.03{col 26}{space 2} 5555.727{col 37}{space 1}    3.55{col 46}{space 3}0.001{col 54}{space 4}  8511.22{col 67}{space 3} 30890.84
{txt}{space 1}_Iyear_1749 {c |}{col 14}{res}{space 2} 11115.57{col 26}{space 2} 3739.925{col 37}{space 1}    2.97{col 46}{space 3}0.005{col 54}{space 4} 3582.971{col 67}{space 3} 18648.16
{txt}{space 1}_Iyear_1750 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 1}_Iyear_1751 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}_cons {c |}{col 14}{res}{space 2}-1.18e+07{col 26}{space 2}  3561309{col 37}{space 1}   -3.31{col 46}{space 3}0.002{col 54}{space 4}-1.90e+07{col 67}{space 3} -4620515
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
     sigma_u {c |} {res}  25267.48
     {txt}sigma_e {c |} {res} 2840.3947
         {txt}rho {c |} {res}   .987521{txt}   (fraction of variance due to u_i)
{hline 13}{c BT}{hline 64}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}difprice {c |}{res}        397     1197.08    3436.035  -14719.95   23810.56
{txt}{stata `"shellout using `"Table2.tex"'"':Table2.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table2.txt""':seeout}
i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
{p 0 6 2}note: obyear6 omitted because of collinearity{p_end}
{p 0 6 2}note: obyear8 omitted because of collinearity{p_end}
{p 0 6 2}note: _Iyear_1750 omitted because of collinearity{p_end}
{p 0 6 2}note: _Iyear_1751 omitted because of collinearity{p_end}
{res}
{txt}Fixed-effects (within) regression{col 49}Number of obs{col 67}={col 69}{res}       397
{txt}Group variable: {res}provcode{txt}{col 49}Number of groups{col 67}={col 69}{res}        46

{txt}R-sq:{col 49}Obs per group:
     within  = {res}0.3743{col 63}{txt}min{col 67}={col 69}{res}         3
{txt}     between = {res}0.0079{col 63}{txt}avg{col 67}={col 69}{res}       8.6
{txt}     overall = {res}0.0014{col 63}{txt}max{col 67}={col 69}{res}        15

{col 49}{help j_robustsingular##|_new:F(47,45)}{col 67}{txt}={col 70}{res}        .
{txt}corr(u_i, Xb){col 16}= {res}-0.9944{txt}{col 49}Prob > F{col 67}={col 73}{res}     .

{txt}{ralign 78:(Std. Err. adjusted for {res:46} clusters in provcode)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}     lgprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} .0068191{col 26}{space 2} .0024292{col 37}{space 1}    2.81{col 46}{space 3}0.007{col 54}{space 4} .0019265{col 67}{space 3} .0117117
{txt}{space 2}distfuture {c |}{col 14}{res}{space 2} .0172689{col 26}{space 2} .0046569{col 37}{space 1}    3.71{col 46}{space 3}0.001{col 54}{space 4} .0078895{col 67}{space 3} .0266484
{txt}{space 5}obyear1 {c |}{col 14}{res}{space 2} .1874623{col 26}{space 2} .2017796{col 37}{space 1}    0.93{col 46}{space 3}0.358{col 54}{space 4}-.2189427{col 67}{space 3} .5938673
{txt}{space 5}obyear2 {c |}{col 14}{res}{space 2} .1919883{col 26}{space 2} .2006173{col 37}{space 1}    0.96{col 46}{space 3}0.344{col 54}{space 4}-.2120758{col 67}{space 3} .5960523
{txt}{space 5}obyear3 {c |}{col 14}{res}{space 2} .1848549{col 26}{space 2} .2008684{col 37}{space 1}    0.92{col 46}{space 3}0.362{col 54}{space 4}-.2197148{col 67}{space 3} .5894245
{txt}{space 5}obyear4 {c |}{col 14}{res}{space 2} .1921713{col 26}{space 2} .2001479{col 37}{space 1}    0.96{col 46}{space 3}0.342{col 54}{space 4}-.2109473{col 67}{space 3} .5952898
{txt}{space 5}obyear5 {c |}{col 14}{res}{space 2} .1916707{col 26}{space 2} .2005058{col 37}{space 1}    0.96{col 46}{space 3}0.344{col 54}{space 4}-.2121688{col 67}{space 3} .5955102
{txt}{space 5}obyear6 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 5}obyear7 {c |}{col 14}{res}{space 2} .1906218{col 26}{space 2}  .201827{col 37}{space 1}    0.94{col 46}{space 3}0.350{col 54}{space 4}-.2158787{col 67}{space 3} .5971222
{txt}{space 5}obyear8 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 1}_Iyear_1688 {c |}{col 14}{res}{space 2} 11.70198{col 26}{space 2} 12.67368{col 37}{space 1}    0.92{col 46}{space 3}0.361{col 54}{space 4}-13.82412{col 67}{space 3} 37.22807
{txt}{space 1}_Iyear_1689 {c |}{col 14}{res}{space 2} 11.05719{col 26}{space 2} 12.35963{col 37}{space 1}    0.89{col 46}{space 3}0.376{col 54}{space 4}-13.83638{col 67}{space 3} 35.95076
{txt}{space 1}_Iyear_1690 {c |}{col 14}{res}{space 2} 11.67372{col 26}{space 2} 12.28259{col 37}{space 1}    0.95{col 46}{space 3}0.347{col 54}{space 4}-13.06468{col 67}{space 3} 36.41212
{txt}{space 1}_Iyear_1691 {c |}{col 14}{res}{space 2} 11.07103{col 26}{space 2} 11.99932{col 37}{space 1}    0.92{col 46}{space 3}0.361{col 54}{space 4}-13.09685{col 67}{space 3} 35.23891
{txt}{space 1}_Iyear_1692 {c |}{col 14}{res}{space 2} 11.27249{col 26}{space 2} 11.81805{col 37}{space 1}    0.95{col 46}{space 3}0.345{col 54}{space 4}-12.53029{col 67}{space 3} 35.07526
{txt}{space 1}_Iyear_1693 {c |}{col 14}{res}{space 2} 10.87825{col 26}{space 2} 11.64362{col 37}{space 1}    0.93{col 46}{space 3}0.355{col 54}{space 4}-12.57321{col 67}{space 3} 34.32972
{txt}{space 1}_Iyear_1694 {c |}{col 14}{res}{space 2} 10.54078{col 26}{space 2} 11.41216{col 37}{space 1}    0.92{col 46}{space 3}0.361{col 54}{space 4}-12.44449{col 67}{space 3} 33.52605
{txt}{space 1}_Iyear_1695 {c |}{col 14}{res}{space 2} 10.11476{col 26}{space 2}  11.1844{col 37}{space 1}    0.90{col 46}{space 3}0.371{col 54}{space 4}-12.41178{col 67}{space 3} 32.64129
{txt}{space 1}_Iyear_1696 {c |}{col 14}{res}{space 2} 10.04917{col 26}{space 2} 10.99099{col 37}{space 1}    0.91{col 46}{space 3}0.365{col 54}{space 4}-12.08781{col 67}{space 3} 32.18615
{txt}{space 1}_Iyear_1697 {c |}{col 14}{res}{space 2} 9.784406{col 26}{space 2}  10.8167{col 37}{space 1}    0.90{col 46}{space 3}0.371{col 54}{space 4}-12.00154{col 67}{space 3} 31.57035
{txt}{space 1}_Iyear_1698 {c |}{col 14}{res}{space 2} 9.245343{col 26}{space 2} 10.55342{col 37}{space 1}    0.88{col 46}{space 3}0.386{col 54}{space 4}-12.01034{col 67}{space 3} 30.50102
{txt}{space 1}_Iyear_1699 {c |}{col 14}{res}{space 2} 9.154697{col 26}{space 2}  10.3786{col 37}{space 1}    0.88{col 46}{space 3}0.382{col 54}{space 4}-11.74888{col 67}{space 3} 30.05828
{txt}{space 1}_Iyear_1700 {c |}{col 14}{res}{space 2} 9.226909{col 26}{space 2} 10.11482{col 37}{space 1}    0.91{col 46}{space 3}0.367{col 54}{space 4}-11.14538{col 67}{space 3} 29.59919
{txt}{space 1}_Iyear_1704 {c |}{col 14}{res}{space 2} 8.727918{col 26}{space 2} 9.388942{col 37}{space 1}    0.93{col 46}{space 3}0.358{col 54}{space 4}-10.18238{col 67}{space 3} 27.63822
{txt}{space 1}_Iyear_1705 {c |}{col 14}{res}{space 2} 8.232306{col 26}{space 2} 9.162604{col 37}{space 1}    0.90{col 46}{space 3}0.374{col 54}{space 4}-10.22213{col 67}{space 3} 26.68674
{txt}{space 1}_Iyear_1706 {c |}{col 14}{res}{space 2} 8.062346{col 26}{space 2} 9.004102{col 37}{space 1}    0.90{col 46}{space 3}0.375{col 54}{space 4}-10.07285{col 67}{space 3} 26.19754
{txt}{space 1}_Iyear_1707 {c |}{col 14}{res}{space 2} 7.860024{col 26}{space 2} 8.776582{col 37}{space 1}    0.90{col 46}{space 3}0.375{col 54}{space 4} -9.81692{col 67}{space 3} 25.53697
{txt}{space 1}_Iyear_1708 {c |}{col 14}{res}{space 2} 7.771635{col 26}{space 2} 8.613763{col 37}{space 1}    0.90{col 46}{space 3}0.372{col 54}{space 4}-9.577374{col 67}{space 3} 25.12064
{txt}{space 1}_Iyear_1709 {c |}{col 14}{res}{space 2}  7.95559{col 26}{space 2} 8.414997{col 37}{space 1}    0.95{col 46}{space 3}0.350{col 54}{space 4}-8.993084{col 67}{space 3} 24.90426
{txt}{space 1}_Iyear_1710 {c |}{col 14}{res}{space 2}  7.53959{col 26}{space 2}  8.25706{col 37}{space 1}    0.91{col 46}{space 3}0.366{col 54}{space 4}-9.090982{col 67}{space 3} 24.17016
{txt}{space 1}_Iyear_1711 {c |}{col 14}{res}{space 2} 7.261832{col 26}{space 2} 8.003252{col 37}{space 1}    0.91{col 46}{space 3}0.369{col 54}{space 4}-8.857544{col 67}{space 3} 23.38121
{txt}{space 1}_Iyear_1712 {c |}{col 14}{res}{space 2} 7.050187{col 26}{space 2} 7.784349{col 37}{space 1}    0.91{col 46}{space 3}0.370{col 54}{space 4}-8.628297{col 67}{space 3} 22.72867
{txt}{space 1}_Iyear_1713 {c |}{col 14}{res}{space 2} 7.026693{col 26}{space 2} 7.622388{col 37}{space 1}    0.92{col 46}{space 3}0.362{col 54}{space 4}-8.325584{col 67}{space 3} 22.37897
{txt}{space 1}_Iyear_1714 {c |}{col 14}{res}{space 2} 7.339664{col 26}{space 2}  7.40965{col 37}{space 1}    0.99{col 46}{space 3}0.327{col 54}{space 4}-7.584137{col 67}{space 3} 22.26347
{txt}{space 1}_Iyear_1715 {c |}{col 14}{res}{space 2} 7.111402{col 26}{space 2} 7.206071{col 37}{space 1}    0.99{col 46}{space 3}0.329{col 54}{space 4} -7.40237{col 67}{space 3} 21.62517
{txt}{space 1}_Iyear_1716 {c |}{col 14}{res}{space 2} 6.564536{col 26}{space 2}  6.96867{col 37}{space 1}    0.94{col 46}{space 3}0.351{col 54}{space 4}-7.471087{col 67}{space 3} 20.60016
{txt}{space 1}_Iyear_1717 {c |}{col 14}{res}{space 2} 5.679243{col 26}{space 2}   6.7279{col 37}{space 1}    0.84{col 46}{space 3}0.403{col 54}{space 4}-7.871443{col 67}{space 3} 19.22993
{txt}{space 1}_Iyear_1718 {c |}{col 14}{res}{space 2} 6.627977{col 26}{space 2} 6.585352{col 37}{space 1}    1.01{col 46}{space 3}0.320{col 54}{space 4}-6.635602{col 67}{space 3} 19.89156
{txt}{space 1}_Iyear_1719 {c |}{col 14}{res}{space 2} 5.970482{col 26}{space 2}   6.3941{col 37}{space 1}    0.93{col 46}{space 3}0.355{col 54}{space 4}-6.907896{col 67}{space 3} 18.84886
{txt}{space 1}_Iyear_1720 {c |}{col 14}{res}{space 2} 5.743773{col 26}{space 2} 6.195172{col 37}{space 1}    0.93{col 46}{space 3}0.359{col 54}{space 4}-6.733944{col 67}{space 3} 18.22149
{txt}{space 1}_Iyear_1728 {c |}{col 14}{res}{space 2}  4.73036{col 26}{space 2} 4.619511{col 37}{space 1}    1.02{col 46}{space 3}0.311{col 54}{space 4}-4.573813{col 67}{space 3} 14.03453
{txt}{space 1}_Iyear_1729 {c |}{col 14}{res}{space 2} 4.325052{col 26}{space 2} 4.363114{col 37}{space 1}    0.99{col 46}{space 3}0.327{col 54}{space 4}-4.462711{col 67}{space 3} 13.11282
{txt}{space 1}_Iyear_1730 {c |}{col 14}{res}{space 2} 4.134918{col 26}{space 2} 4.091098{col 37}{space 1}    1.01{col 46}{space 3}0.318{col 54}{space 4}-4.104977{col 67}{space 3} 12.37481
{txt}{space 1}_Iyear_1731 {c |}{col 14}{res}{space 2} 3.606444{col 26}{space 2}  3.92186{col 37}{space 1}    0.92{col 46}{space 3}0.363{col 54}{space 4}-4.292588{col 67}{space 3} 11.50548
{txt}{space 1}_Iyear_1732 {c |}{col 14}{res}{space 2}  3.36926{col 26}{space 2} 3.759291{col 37}{space 1}    0.90{col 46}{space 3}0.375{col 54}{space 4} -4.20234{col 67}{space 3} 10.94086
{txt}{space 1}_Iyear_1733 {c |}{col 14}{res}{space 2} 3.226918{col 26}{space 2} 3.559682{col 37}{space 1}    0.91{col 46}{space 3}0.369{col 54}{space 4}-3.942649{col 67}{space 3} 10.39649
{txt}{space 1}_Iyear_1734 {c |}{col 14}{res}{space 2}  3.04858{col 26}{space 2} 3.364461{col 37}{space 1}    0.91{col 46}{space 3}0.370{col 54}{space 4}-3.727792{col 67}{space 3} 9.824952
{txt}{space 1}_Iyear_1735 {c |}{col 14}{res}{space 2} 2.958123{col 26}{space 2} 3.186054{col 37}{space 1}    0.93{col 46}{space 3}0.358{col 54}{space 4}-3.458918{col 67}{space 3} 9.375164
{txt}{space 1}_Iyear_1736 {c |}{col 14}{res}{space 2} 2.590602{col 26}{space 2}  2.97867{col 37}{space 1}    0.87{col 46}{space 3}0.389{col 54}{space 4}-3.408747{col 67}{space 3} 8.589951
{txt}{space 1}_Iyear_1737 {c |}{col 14}{res}{space 2} 2.655869{col 26}{space 2} 2.775825{col 37}{space 1}    0.96{col 46}{space 3}0.344{col 54}{space 4} -2.93493{col 67}{space 3} 8.246667
{txt}{space 1}_Iyear_1738 {c |}{col 14}{res}{space 2} 2.952488{col 26}{space 2}  2.57053{col 37}{space 1}    1.15{col 46}{space 3}0.257{col 54}{space 4}-2.224826{col 67}{space 3} 8.129802
{txt}{space 1}_Iyear_1739 {c |}{col 14}{res}{space 2} 2.786116{col 26}{space 2} 2.393025{col 37}{space 1}    1.16{col 46}{space 3}0.250{col 54}{space 4}-2.033684{col 67}{space 3} 7.605916
{txt}{space 1}_Iyear_1740 {c |}{col 14}{res}{space 2} 1.767306{col 26}{space 2} 2.257056{col 37}{space 1}    0.78{col 46}{space 3}0.438{col 54}{space 4}-2.778638{col 67}{space 3}  6.31325
{txt}{space 1}_Iyear_1741 {c |}{col 14}{res}{space 2} 1.898723{col 26}{space 2} 1.944065{col 37}{space 1}    0.98{col 46}{space 3}0.334{col 54}{space 4}-2.016826{col 67}{space 3} 5.814272
{txt}{space 1}_Iyear_1742 {c |}{col 14}{res}{space 2} 1.872398{col 26}{space 2} 1.817595{col 37}{space 1}    1.03{col 46}{space 3}0.308{col 54}{space 4}-1.788425{col 67}{space 3} 5.533222
{txt}{space 1}_Iyear_1744 {c |}{col 14}{res}{space 2} 1.548049{col 26}{space 2} 1.373954{col 37}{space 1}    1.13{col 46}{space 3}0.266{col 54}{space 4}-1.219235{col 67}{space 3} 4.315334
{txt}{space 1}_Iyear_1745 {c |}{col 14}{res}{space 2} .8044904{col 26}{space 2} 1.189418{col 37}{space 1}    0.68{col 46}{space 3}0.502{col 54}{space 4} -1.59112{col 67}{space 3}   3.2001
{txt}{space 1}_Iyear_1746 {c |}{col 14}{res}{space 2} .7380376{col 26}{space 2} .9842414{col 37}{space 1}    0.75{col 46}{space 3}0.457{col 54}{space 4}-1.244326{col 67}{space 3} 2.720402
{txt}{space 1}_Iyear_1747 {c |}{col 14}{res}{space 2} .8520808{col 26}{space 2} .8017305{col 37}{space 1}    1.06{col 46}{space 3}0.294{col 54}{space 4}-.7626872{col 67}{space 3} 2.466849
{txt}{space 1}_Iyear_1748 {c |}{col 14}{res}{space 2} .6678541{col 26}{space 2} .5883518{col 37}{space 1}    1.14{col 46}{space 3}0.262{col 54}{space 4}-.5171474{col 67}{space 3} 1.852856
{txt}{space 1}_Iyear_1749 {c |}{col 14}{res}{space 2} .4661348{col 26}{space 2} .3831667{col 37}{space 1}    1.22{col 46}{space 3}0.230{col 54}{space 4}-.3056025{col 67}{space 3} 1.237872
{txt}{space 1}_Iyear_1750 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 1}_Iyear_1751 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}_cons {c |}{col 14}{res}{space 2}-333.6659{col 26}{space 2} 352.1182{col 37}{space 1}   -0.95{col 46}{space 3}0.348{col 54}{space 4}-1042.868{col 67}{space 3} 375.5367
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
     sigma_u {c |} {res} 3.0239272
     {txt}sigma_e {c |} {res} .43332918
         {txt}rho {c |} {res} .97987827{txt}   (fraction of variance due to u_i)
{hline 13}{c BT}{hline 64}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 5}lgprice {c |}{res}        397    .1771926    .4768836  -1.252763   1.809582
{txt}{stata `"shellout using `"Table2.tex"'"':Table2.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table2.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. 
. #delimit;
{txt}delimiter now ;
{com}. local replace append;
{txt}
{com}. foreach var of varlist difprice lgprice {c -(};
{txt}  2{com}. xi: xtreg `var' chshspain distfuture  obyear1-obyear8 i.year, fe cluster(provcode);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. outreg2 using  Table2.tex, `replace' dec(2) nocons noni
> adds("Provinces", e(N_clust), "Mean DV", `mean');
{txt}  6{com}. local replace;
{txt}  7{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
{p 0 6 2}note: obyear6 omitted because of collinearity{p_end}
{p 0 6 2}note: obyear8 omitted because of collinearity{p_end}
{p 0 6 2}note: _Iyear_1750 omitted because of collinearity{p_end}
{p 0 6 2}note: _Iyear_1751 omitted because of collinearity{p_end}
{res}
{txt}Fixed-effects (within) regression{col 49}Number of obs{col 67}={col 69}{res}       397
{txt}Group variable: {res}provcode{txt}{col 49}Number of groups{col 67}={col 69}{res}        46

{txt}R-sq:{col 49}Obs per group:
     within  = {res}0.4792{col 63}{txt}min{col 67}={col 69}{res}         3
{txt}     between = {res}0.0384{col 63}{txt}avg{col 67}={col 69}{res}       8.6
{txt}     overall = {res}0.0118{col 63}{txt}max{col 67}={col 69}{res}        15

{col 49}{help j_robustsingular##|_new:F(46,45)}{col 67}{txt}={col 70}{res}        .
{txt}corr(u_i, Xb){col 16}= {res}-0.9933{txt}{col 49}Prob > F{col 67}={col 73}{res}     .

{txt}{ralign 78:(Std. Err. adjusted for {res:46} clusters in provcode)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    difprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}chshspain {c |}{col 14}{res}{space 2}-65.36797{col 26}{space 2} 16.96668{col 37}{space 1}   -3.85{col 46}{space 3}0.000{col 54}{space 4}-99.54062{col 67}{space 3}-31.19532
{txt}{space 2}distfuture {c |}{col 14}{res}{space 2} 205.8514{col 26}{space 2}  42.1183{col 37}{space 1}    4.89{col 46}{space 3}0.000{col 54}{space 4} 121.0208{col 67}{space 3}  290.682
{txt}{space 5}obyear1 {c |}{col 14}{res}{space 2} 6329.278{col 26}{space 2} 1972.742{col 37}{space 1}    3.21{col 46}{space 3}0.002{col 54}{space 4} 2355.972{col 67}{space 3} 10302.58
{txt}{space 5}obyear2 {c |}{col 14}{res}{space 2}  6344.93{col 26}{space 2} 1967.931{col 37}{space 1}    3.22{col 46}{space 3}0.002{col 54}{space 4} 2381.313{col 67}{space 3} 10308.55
{txt}{space 5}obyear3 {c |}{col 14}{res}{space 2} 6258.458{col 26}{space 2} 1968.994{col 37}{space 1}    3.18{col 46}{space 3}0.003{col 54}{space 4} 2292.702{col 67}{space 3} 10224.22
{txt}{space 5}obyear4 {c |}{col 14}{res}{space 2} 6358.393{col 26}{space 2}  1964.33{col 37}{space 1}    3.24{col 46}{space 3}0.002{col 54}{space 4}  2402.03{col 67}{space 3} 10314.76
{txt}{space 5}obyear5 {c |}{col 14}{res}{space 2} 6351.098{col 26}{space 2} 1968.716{col 37}{space 1}    3.23{col 46}{space 3}0.002{col 54}{space 4}   2385.9{col 67}{space 3}  10316.3
{txt}{space 5}obyear6 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 5}obyear7 {c |}{col 14}{res}{space 2} 6351.233{col 26}{space 2} 1977.409{col 37}{space 1}    3.21{col 46}{space 3}0.002{col 54}{space 4} 2368.527{col 67}{space 3} 10333.94
{txt}{space 5}obyear8 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 1}_Iyear_1688 {c |}{col 14}{res}{space 2} 394668.4{col 26}{space 2} 123391.8{col 37}{space 1}    3.20{col 46}{space 3}0.003{col 54}{space 4} 146144.4{col 67}{space 3} 643192.3
{txt}{space 1}_Iyear_1689 {c |}{col 14}{res}{space 2} 387211.1{col 26}{space 2} 120832.9{col 37}{space 1}    3.20{col 46}{space 3}0.002{col 54}{space 4}   143841{col 67}{space 3} 630581.1
{txt}{space 1}_Iyear_1690 {c |}{col 14}{res}{space 2} 384900.6{col 26}{space 2} 119821.3{col 37}{space 1}    3.21{col 46}{space 3}0.002{col 54}{space 4} 143568.2{col 67}{space 3}   626233
{txt}{space 1}_Iyear_1691 {c |}{col 14}{res}{space 2} 378904.1{col 26}{space 2} 117494.3{col 37}{space 1}    3.22{col 46}{space 3}0.002{col 54}{space 4} 142258.4{col 67}{space 3} 615549.7
{txt}{space 1}_Iyear_1692 {c |}{col 14}{res}{space 2} 372378.5{col 26}{space 2} 115588.3{col 37}{space 1}    3.22{col 46}{space 3}0.002{col 54}{space 4} 139571.8{col 67}{space 3} 605185.2
{txt}{space 1}_Iyear_1693 {c |}{col 14}{res}{space 2} 363897.6{col 26}{space 2} 113574.7{col 37}{space 1}    3.20{col 46}{space 3}0.002{col 54}{space 4} 135146.4{col 67}{space 3} 592648.8
{txt}{space 1}_Iyear_1694 {c |}{col 14}{res}{space 2} 356284.9{col 26}{space 2} 111460.5{col 37}{space 1}    3.20{col 46}{space 3}0.003{col 54}{space 4} 131791.9{col 67}{space 3}   580778
{txt}{space 1}_Iyear_1695 {c |}{col 14}{res}{space 2} 349028.8{col 26}{space 2} 109390.1{col 37}{space 1}    3.19{col 46}{space 3}0.003{col 54}{space 4} 128705.9{col 67}{space 3} 569351.8
{txt}{space 1}_Iyear_1696 {c |}{col 14}{res}{space 2} 342802.8{col 26}{space 2} 107375.2{col 37}{space 1}    3.19{col 46}{space 3}0.003{col 54}{space 4}   126538{col 67}{space 3} 559067.7
{txt}{space 1}_Iyear_1697 {c |}{col 14}{res}{space 2}   336355{col 26}{space 2}   105419{col 37}{space 1}    3.19{col 46}{space 3}0.003{col 54}{space 4} 124030.2{col 67}{space 3} 548679.8
{txt}{space 1}_Iyear_1698 {c |}{col 14}{res}{space 2} 329531.7{col 26}{space 2} 103471.6{col 37}{space 1}    3.18{col 46}{space 3}0.003{col 54}{space 4} 121129.2{col 67}{space 3} 537934.3
{txt}{space 1}_Iyear_1699 {c |}{col 14}{res}{space 2} 320414.8{col 26}{space 2} 101442.9{col 37}{space 1}    3.16{col 46}{space 3}0.003{col 54}{space 4} 116098.4{col 67}{space 3} 524731.2
{txt}{space 1}_Iyear_1700 {c |}{col 14}{res}{space 2}   316219{col 26}{space 2} 99364.11{col 37}{space 1}    3.18{col 46}{space 3}0.003{col 54}{space 4} 116089.4{col 67}{space 3} 516348.6
{txt}{space 1}_Iyear_1704 {c |}{col 14}{res}{space 2}   292705{col 26}{space 2} 91615.18{col 37}{space 1}    3.19{col 46}{space 3}0.003{col 54}{space 4} 108182.6{col 67}{space 3} 477227.5
{txt}{space 1}_Iyear_1705 {c |}{col 14}{res}{space 2} 284326.2{col 26}{space 2} 89363.65{col 37}{space 1}    3.18{col 46}{space 3}0.003{col 54}{space 4} 104338.6{col 67}{space 3} 464313.9
{txt}{space 1}_Iyear_1706 {c |}{col 14}{res}{space 2} 277809.3{col 26}{space 2} 87608.37{col 37}{space 1}    3.17{col 46}{space 3}0.003{col 54}{space 4}   101357{col 67}{space 3} 454261.6
{txt}{space 1}_Iyear_1707 {c |}{col 14}{res}{space 2} 272081.9{col 26}{space 2} 85558.99{col 37}{space 1}    3.18{col 46}{space 3}0.003{col 54}{space 4} 99757.28{col 67}{space 3} 444406.6
{txt}{space 1}_Iyear_1708 {c |}{col 14}{res}{space 2} 266546.9{col 26}{space 2} 83849.88{col 37}{space 1}    3.18{col 46}{space 3}0.003{col 54}{space 4} 97664.56{col 67}{space 3} 435429.2
{txt}{space 1}_Iyear_1709 {c |}{col 14}{res}{space 2} 261743.3{col 26}{space 2} 81754.73{col 37}{space 1}    3.20{col 46}{space 3}0.003{col 54}{space 4} 97080.84{col 67}{space 3} 426405.8
{txt}{space 1}_Iyear_1710 {c |}{col 14}{res}{space 2} 254617.3{col 26}{space 2} 80038.29{col 37}{space 1}    3.18{col 46}{space 3}0.003{col 54}{space 4} 93411.95{col 67}{space 3} 415822.7
{txt}{space 1}_Iyear_1711 {c |}{col 14}{res}{space 2} 248611.9{col 26}{space 2} 77939.29{col 37}{space 1}    3.19{col 46}{space 3}0.003{col 54}{space 4} 91634.11{col 67}{space 3} 405589.7
{txt}{space 1}_Iyear_1712 {c |}{col 14}{res}{space 2} 241567.2{col 26}{space 2} 75673.92{col 37}{space 1}    3.19{col 46}{space 3}0.003{col 54}{space 4} 89152.09{col 67}{space 3} 393982.3
{txt}{space 1}_Iyear_1713 {c |}{col 14}{res}{space 2} 236658.9{col 26}{space 2} 74152.93{col 37}{space 1}    3.19{col 46}{space 3}0.003{col 54}{space 4} 87307.22{col 67}{space 3} 386010.5
{txt}{space 1}_Iyear_1714 {c |}{col 14}{res}{space 2} 231919.6{col 26}{space 2} 72061.12{col 37}{space 1}    3.22{col 46}{space 3}0.002{col 54}{space 4} 86781.08{col 67}{space 3} 377058.2
{txt}{space 1}_Iyear_1715 {c |}{col 14}{res}{space 2} 224824.3{col 26}{space 2} 70080.24{col 37}{space 1}    3.21{col 46}{space 3}0.002{col 54}{space 4} 83675.44{col 67}{space 3} 365973.1
{txt}{space 1}_Iyear_1716 {c |}{col 14}{res}{space 2} 217167.6{col 26}{space 2} 67935.53{col 37}{space 1}    3.20{col 46}{space 3}0.003{col 54}{space 4} 80338.39{col 67}{space 3} 353996.8
{txt}{space 1}_Iyear_1717 {c |}{col 14}{res}{space 2} 210424.2{col 26}{space 2} 66020.56{col 37}{space 1}    3.19{col 46}{space 3}0.003{col 54}{space 4} 77451.93{col 67}{space 3} 343396.4
{txt}{space 1}_Iyear_1718 {c |}{col 14}{res}{space 2} 206913.8{col 26}{space 2}  64159.5{col 37}{space 1}    3.22{col 46}{space 3}0.002{col 54}{space 4} 77689.91{col 67}{space 3} 336137.7
{txt}{space 1}_Iyear_1719 {c |}{col 14}{res}{space 2} 198478.7{col 26}{space 2} 62221.38{col 37}{space 1}    3.19{col 46}{space 3}0.003{col 54}{space 4} 73158.44{col 67}{space 3}   323799
{txt}{space 1}_Iyear_1720 {c |}{col 14}{res}{space 2} 192813.2{col 26}{space 2}    60246{col 37}{space 1}    3.20{col 46}{space 3}0.003{col 54}{space 4} 71471.49{col 67}{space 3} 314154.8
{txt}{space 1}_Iyear_1728 {c |}{col 14}{res}{space 2} 143960.6{col 26}{space 2}  44589.7{col 37}{space 1}    3.23{col 46}{space 3}0.002{col 54}{space 4} 54152.38{col 67}{space 3} 233768.9
{txt}{space 1}_Iyear_1729 {c |}{col 14}{res}{space 2} 137996.6{col 26}{space 2} 42467.29{col 37}{space 1}    3.25{col 46}{space 3}0.002{col 54}{space 4} 52463.11{col 67}{space 3} 223530.2
{txt}{space 1}_Iyear_1730 {c |}{col 14}{res}{space 2} 130317.2{col 26}{space 2} 40197.97{col 37}{space 1}    3.24{col 46}{space 3}0.002{col 54}{space 4} 49354.36{col 67}{space 3} 211280.1
{txt}{space 1}_Iyear_1731 {c |}{col 14}{res}{space 2} 121610.6{col 26}{space 2} 38067.05{col 37}{space 1}    3.19{col 46}{space 3}0.003{col 54}{space 4} 44939.59{col 67}{space 3} 198281.5
{txt}{space 1}_Iyear_1732 {c |}{col 14}{res}{space 2} 115601.2{col 26}{space 2} 36593.57{col 37}{space 1}    3.16{col 46}{space 3}0.003{col 54}{space 4} 41897.95{col 67}{space 3} 189304.4
{txt}{space 1}_Iyear_1733 {c |}{col 14}{res}{space 2} 109607.4{col 26}{space 2} 34628.85{col 37}{space 1}    3.17{col 46}{space 3}0.003{col 54}{space 4} 39861.31{col 67}{space 3} 179353.5
{txt}{space 1}_Iyear_1734 {c |}{col 14}{res}{space 2} 103157.2{col 26}{space 2}  32622.3{col 37}{space 1}    3.16{col 46}{space 3}0.003{col 54}{space 4} 37452.52{col 67}{space 3} 168861.9
{txt}{space 1}_Iyear_1735 {c |}{col 14}{res}{space 2} 96967.24{col 26}{space 2} 30693.29{col 37}{space 1}    3.16{col 46}{space 3}0.003{col 54}{space 4} 35147.77{col 67}{space 3} 158786.7
{txt}{space 1}_Iyear_1736 {c |}{col 14}{res}{space 2} 89112.14{col 26}{space 2} 28484.44{col 37}{space 1}    3.13{col 46}{space 3}0.003{col 54}{space 4} 31741.53{col 67}{space 3} 146482.8
{txt}{space 1}_Iyear_1737 {c |}{col 14}{res}{space 2} 84773.53{col 26}{space 2}  26679.8{col 37}{space 1}    3.18{col 46}{space 3}0.003{col 54}{space 4} 31037.66{col 67}{space 3} 138509.4
{txt}{space 1}_Iyear_1738 {c |}{col 14}{res}{space 2} 82322.79{col 26}{space 2} 25021.93{col 37}{space 1}    3.29{col 46}{space 3}0.002{col 54}{space 4} 31926.04{col 67}{space 3} 132719.6
{txt}{space 1}_Iyear_1739 {c |}{col 14}{res}{space 2} 76540.33{col 26}{space 2} 22746.46{col 37}{space 1}    3.36{col 46}{space 3}0.002{col 54}{space 4} 30726.61{col 67}{space 3}   122354
{txt}{space 1}_Iyear_1740 {c |}{col 14}{res}{space 2} 65324.42{col 26}{space 2} 21117.75{col 37}{space 1}    3.09{col 46}{space 3}0.003{col 54}{space 4} 22791.08{col 67}{space 3} 107857.8
{txt}{space 1}_Iyear_1741 {c |}{col 14}{res}{space 2} 59900.06{col 26}{space 2} 18695.63{col 37}{space 1}    3.20{col 46}{space 3}0.002{col 54}{space 4} 22245.14{col 67}{space 3} 97554.99
{txt}{space 1}_Iyear_1742 {c |}{col 14}{res}{space 2} 53878.61{col 26}{space 2} 17101.14{col 37}{space 1}    3.15{col 46}{space 3}0.003{col 54}{space 4} 19435.14{col 67}{space 3} 88322.07
{txt}{space 1}_Iyear_1744 {c |}{col 14}{res}{space 2} 41698.36{col 26}{space 2} 12958.56{col 37}{space 1}    3.22{col 46}{space 3}0.002{col 54}{space 4} 15598.48{col 67}{space 3} 67798.24
{txt}{space 1}_Iyear_1745 {c |}{col 14}{res}{space 2} 31799.81{col 26}{space 2} 10955.79{col 37}{space 1}    2.90{col 46}{space 3}0.006{col 54}{space 4} 9733.714{col 67}{space 3}  53865.9
{txt}{space 1}_Iyear_1746 {c |}{col 14}{res}{space 2} 26333.34{col 26}{space 2} 8874.629{col 37}{space 1}    2.97{col 46}{space 3}0.005{col 54}{space 4} 8458.917{col 67}{space 3} 44207.76
{txt}{space 1}_Iyear_1747 {c |}{col 14}{res}{space 2} 23898.87{col 26}{space 2} 7713.705{col 37}{space 1}    3.10{col 46}{space 3}0.003{col 54}{space 4} 8362.667{col 67}{space 3} 39435.07
{txt}{space 1}_Iyear_1748 {c |}{col 14}{res}{space 2} 18662.79{col 26}{space 2}  5277.79{col 37}{space 1}    3.54{col 46}{space 3}0.001{col 54}{space 4}  8032.77{col 67}{space 3}  29292.8
{txt}{space 1}_Iyear_1749 {c |}{col 14}{res}{space 2} 10483.55{col 26}{space 2} 3502.142{col 37}{space 1}    2.99{col 46}{space 3}0.004{col 54}{space 4} 3429.878{col 67}{space 3} 17537.23
{txt}{space 1}_Iyear_1750 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 1}_Iyear_1751 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}_cons {c |}{col 14}{res}{space 2}-1.11e+07{col 26}{space 2}  3451427{col 37}{space 1}   -3.22{col 46}{space 3}0.002{col 54}{space 4}-1.81e+07{col 67}{space 3} -4157107
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
     sigma_u {c |} {res} 26783.681
     {txt}sigma_e {c |} {res} 2799.4658
         {txt}rho {c |} {res} .98919335{txt}   (fraction of variance due to u_i)
{hline 13}{c BT}{hline 64}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}difprice {c |}{res}        397     1197.08    3436.035  -14719.95   23810.56
{txt}{stata `"shellout using `"Table2.tex"'"':Table2.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table2.txt""':seeout}
i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
{p 0 6 2}note: obyear6 omitted because of collinearity{p_end}
{p 0 6 2}note: obyear8 omitted because of collinearity{p_end}
{p 0 6 2}note: _Iyear_1750 omitted because of collinearity{p_end}
{p 0 6 2}note: _Iyear_1751 omitted because of collinearity{p_end}
{res}
{txt}Fixed-effects (within) regression{col 49}Number of obs{col 67}={col 69}{res}       397
{txt}Group variable: {res}provcode{txt}{col 49}Number of groups{col 67}={col 69}{res}        46

{txt}R-sq:{col 49}Obs per group:
     within  = {res}0.3832{col 63}{txt}min{col 67}={col 69}{res}         3
{txt}     between = {res}0.0084{col 63}{txt}avg{col 67}={col 69}{res}       8.6
{txt}     overall = {res}0.0013{col 63}{txt}max{col 67}={col 69}{res}        15

{col 49}{help j_robustsingular##|_new:F(47,45)}{col 67}{txt}={col 70}{res}        .
{txt}corr(u_i, Xb){col 16}= {res}-0.9947{txt}{col 49}Prob > F{col 67}={col 73}{res}     .

{txt}{ralign 78:(Std. Err. adjusted for {res:46} clusters in provcode)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}     lgprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}chshspain {c |}{col 14}{res}{space 2}-.0077078{col 26}{space 2} .0022179{col 37}{space 1}   -3.48{col 46}{space 3}0.001{col 54}{space 4}-.0121749{col 67}{space 3}-.0032407
{txt}{space 2}distfuture {c |}{col 14}{res}{space 2} .0171343{col 26}{space 2} .0045865{col 37}{space 1}    3.74{col 46}{space 3}0.001{col 54}{space 4} .0078966{col 67}{space 3} .0263719
{txt}{space 5}obyear1 {c |}{col 14}{res}{space 2} .1431035{col 26}{space 2} .1977947{col 37}{space 1}    0.72{col 46}{space 3}0.473{col 54}{space 4}-.2552755{col 67}{space 3} .5414826
{txt}{space 5}obyear2 {c |}{col 14}{res}{space 2} .1477304{col 26}{space 2} .1967554{col 37}{space 1}    0.75{col 46}{space 3}0.457{col 54}{space 4}-.2485554{col 67}{space 3} .5440161
{txt}{space 5}obyear3 {c |}{col 14}{res}{space 2} .1394993{col 26}{space 2} .1968993{col 37}{space 1}    0.71{col 46}{space 3}0.482{col 54}{space 4}-.2570763{col 67}{space 3} .5360748
{txt}{space 5}obyear4 {c |}{col 14}{res}{space 2} .1477604{col 26}{space 2} .1960588{col 37}{space 1}    0.75{col 46}{space 3}0.455{col 54}{space 4}-.2471224{col 67}{space 3} .5426432
{txt}{space 5}obyear5 {c |}{col 14}{res}{space 2}  .147402{col 26}{space 2} .1963847{col 37}{space 1}    0.75{col 46}{space 3}0.457{col 54}{space 4} -.248137{col 67}{space 3}  .542941
{txt}{space 5}obyear6 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 5}obyear7 {c |}{col 14}{res}{space 2}  .146036{col 26}{space 2} .1977689{col 37}{space 1}    0.74{col 46}{space 3}0.464{col 54}{space 4} -.252291{col 67}{space 3}  .544363
{txt}{space 5}obyear8 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 1}_Iyear_1688 {c |}{col 14}{res}{space 2}  8.98825{col 26}{space 2} 12.40565{col 37}{space 1}    0.72{col 46}{space 3}0.472{col 54}{space 4}  -15.998{col 67}{space 3}  33.9745
{txt}{space 1}_Iyear_1689 {c |}{col 14}{res}{space 2} 8.396264{col 26}{space 2} 12.09565{col 37}{space 1}    0.69{col 46}{space 3}0.491{col 54}{space 4}-15.96563{col 67}{space 3} 32.75816
{txt}{space 1}_Iyear_1690 {c |}{col 14}{res}{space 2} 9.103833{col 26}{space 2} 12.01975{col 37}{space 1}    0.76{col 46}{space 3}0.453{col 54}{space 4}-15.10518{col 67}{space 3} 33.31285
{txt}{space 1}_Iyear_1691 {c |}{col 14}{res}{space 2} 8.541513{col 26}{space 2} 11.74307{col 37}{space 1}    0.73{col 46}{space 3}0.471{col 54}{space 4}-15.11025{col 67}{space 3} 32.19328
{txt}{space 1}_Iyear_1692 {c |}{col 14}{res}{space 2} 8.776217{col 26}{space 2} 11.56997{col 37}{space 1}    0.76{col 46}{space 3}0.452{col 54}{space 4}-14.52689{col 67}{space 3} 32.07932
{txt}{space 1}_Iyear_1693 {c |}{col 14}{res}{space 2} 8.396657{col 26}{space 2} 11.40379{col 37}{space 1}    0.74{col 46}{space 3}0.465{col 54}{space 4}-14.57175{col 67}{space 3} 31.36507
{txt}{space 1}_Iyear_1694 {c |}{col 14}{res}{space 2} 8.097733{col 26}{space 2} 11.16704{col 37}{space 1}    0.73{col 46}{space 3}0.472{col 54}{space 4}-14.39384{col 67}{space 3} 30.58931
{txt}{space 1}_Iyear_1695 {c |}{col 14}{res}{space 2} 7.719305{col 26}{space 2} 10.94134{col 37}{space 1}    0.71{col 46}{space 3}0.484{col 54}{space 4}-14.31769{col 67}{space 3}  29.7563
{txt}{space 1}_Iyear_1696 {c |}{col 14}{res}{space 2} 7.694584{col 26}{space 2} 10.75346{col 37}{space 1}    0.72{col 46}{space 3}0.478{col 54}{space 4}  -13.964{col 67}{space 3} 29.35317
{txt}{space 1}_Iyear_1697 {c |}{col 14}{res}{space 2} 7.459916{col 26}{space 2} 10.58479{col 37}{space 1}    0.70{col 46}{space 3}0.485{col 54}{space 4}-13.85894{col 67}{space 3} 28.77877
{txt}{space 1}_Iyear_1698 {c |}{col 14}{res}{space 2} 6.968793{col 26}{space 2} 10.32745{col 37}{space 1}    0.67{col 46}{space 3}0.503{col 54}{space 4}-13.83175{col 67}{space 3} 27.76934
{txt}{space 1}_Iyear_1699 {c |}{col 14}{res}{space 2}  6.96037{col 26}{space 2} 10.15229{col 37}{space 1}    0.69{col 46}{space 3}0.496{col 54}{space 4} -13.4874{col 67}{space 3} 27.40814
{txt}{space 1}_Iyear_1700 {c |}{col 14}{res}{space 2} 7.049713{col 26}{space 2} 9.871667{col 37}{space 1}    0.71{col 46}{space 3}0.479{col 54}{space 4}-12.83285{col 67}{space 3} 26.93227
{txt}{space 1}_Iyear_1704 {c |}{col 14}{res}{space 2} 6.754164{col 26}{space 2} 9.187003{col 37}{space 1}    0.74{col 46}{space 3}0.466{col 54}{space 4}-11.74941{col 67}{space 3} 25.25774
{txt}{space 1}_Iyear_1705 {c |}{col 14}{res}{space 2} 6.272299{col 26}{space 2} 8.967918{col 37}{space 1}    0.70{col 46}{space 3}0.488{col 54}{space 4}-11.79001{col 67}{space 3} 24.33461
{txt}{space 1}_Iyear_1706 {c |}{col 14}{res}{space 2} 6.157237{col 26}{space 2} 8.800631{col 37}{space 1}    0.70{col 46}{space 3}0.488{col 54}{space 4}-11.56814{col 67}{space 3} 23.88262
{txt}{space 1}_Iyear_1707 {c |}{col 14}{res}{space 2}  5.99009{col 26}{space 2}  8.58379{col 37}{space 1}    0.70{col 46}{space 3}0.489{col 54}{space 4}-11.29855{col 67}{space 3} 23.27873
{txt}{space 1}_Iyear_1708 {c |}{col 14}{res}{space 2} 5.942175{col 26}{space 2} 8.426672{col 37}{space 1}    0.71{col 46}{space 3}0.484{col 54}{space 4}-11.03001{col 67}{space 3} 22.91436
{txt}{space 1}_Iyear_1709 {c |}{col 14}{res}{space 2} 6.235645{col 26}{space 2} 8.226253{col 37}{space 1}    0.76{col 46}{space 3}0.452{col 54}{space 4}-10.33288{col 67}{space 3} 22.80417
{txt}{space 1}_Iyear_1710 {c |}{col 14}{res}{space 2} 5.872834{col 26}{space 2} 8.067765{col 37}{space 1}    0.73{col 46}{space 3}0.470{col 54}{space 4}-10.37648{col 67}{space 3} 22.12215
{txt}{space 1}_Iyear_1711 {c |}{col 14}{res}{space 2} 5.613649{col 26}{space 2} 7.826328{col 37}{space 1}    0.72{col 46}{space 3}0.477{col 54}{space 4}-10.14938{col 67}{space 3} 21.37668
{txt}{space 1}_Iyear_1712 {c |}{col 14}{res}{space 2} 5.419077{col 26}{space 2} 7.611724{col 37}{space 1}    0.71{col 46}{space 3}0.480{col 54}{space 4}-9.911722{col 67}{space 3} 20.74988
{txt}{space 1}_Iyear_1713 {c |}{col 14}{res}{space 2} 5.430969{col 26}{space 2} 7.464799{col 37}{space 1}    0.73{col 46}{space 3}0.471{col 54}{space 4}-9.603909{col 67}{space 3} 20.46585
{txt}{space 1}_Iyear_1714 {c |}{col 14}{res}{space 2} 5.786681{col 26}{space 2} 7.249094{col 37}{space 1}    0.80{col 46}{space 3}0.429{col 54}{space 4}-8.813743{col 67}{space 3}  20.3871
{txt}{space 1}_Iyear_1715 {c |}{col 14}{res}{space 2} 5.614586{col 26}{space 2}  7.04667{col 37}{space 1}    0.80{col 46}{space 3}0.430{col 54}{space 4}-8.578135{col 67}{space 3} 19.80731
{txt}{space 1}_Iyear_1716 {c |}{col 14}{res}{space 2} 5.101506{col 26}{space 2} 6.811765{col 37}{space 1}    0.75{col 46}{space 3}0.458{col 54}{space 4}-8.618094{col 67}{space 3} 18.82111
{txt}{space 1}_Iyear_1717 {c |}{col 14}{res}{space 2} 4.264377{col 26}{space 2} 6.573378{col 37}{space 1}    0.65{col 46}{space 3}0.520{col 54}{space 4}-8.975087{col 67}{space 3} 17.50384
{txt}{space 1}_Iyear_1718 {c |}{col 14}{res}{space 2} 5.259412{col 26}{space 2} 6.439161{col 37}{space 1}    0.82{col 46}{space 3}0.418{col 54}{space 4}-7.709725{col 67}{space 3} 18.22855
{txt}{space 1}_Iyear_1719 {c |}{col 14}{res}{space 2} 4.664643{col 26}{space 2} 6.249307{col 37}{space 1}    0.75{col 46}{space 3}0.459{col 54}{space 4}-7.922108{col 67}{space 3} 17.25139
{txt}{space 1}_Iyear_1720 {c |}{col 14}{res}{space 2} 4.461108{col 26}{space 2} 6.057419{col 37}{space 1}    0.74{col 46}{space 3}0.465{col 54}{space 4} -7.73916{col 67}{space 3} 16.66138
{txt}{space 1}_Iyear_1728 {c |}{col 14}{res}{space 2} 3.882485{col 26}{space 2}  4.51394{col 37}{space 1}    0.86{col 46}{space 3}0.394{col 54}{space 4}-5.209058{col 67}{space 3} 12.97403
{txt}{space 1}_Iyear_1729 {c |}{col 14}{res}{space 2} 3.545021{col 26}{space 2} 4.255428{col 37}{space 1}    0.83{col 46}{space 3}0.409{col 54}{space 4}-5.025851{col 67}{space 3} 12.11589
{txt}{space 1}_Iyear_1730 {c |}{col 14}{res}{space 2} 3.330438{col 26}{space 2} 3.998463{col 37}{space 1}    0.83{col 46}{space 3}0.409{col 54}{space 4}-4.722879{col 67}{space 3} 11.38375
{txt}{space 1}_Iyear_1731 {c |}{col 14}{res}{space 2} 2.836373{col 26}{space 2} 3.827275{col 37}{space 1}    0.74{col 46}{space 3}0.462{col 54}{space 4}-4.872154{col 67}{space 3}  10.5449
{txt}{space 1}_Iyear_1732 {c |}{col 14}{res}{space 2} 2.611345{col 26}{space 2} 3.667279{col 37}{space 1}    0.71{col 46}{space 3}0.480{col 54}{space 4}-4.774934{col 67}{space 3} 9.997624
{txt}{space 1}_Iyear_1733 {c |}{col 14}{res}{space 2} 2.543533{col 26}{space 2}  3.47202{col 37}{space 1}    0.73{col 46}{space 3}0.468{col 54}{space 4}-4.449475{col 67}{space 3} 9.536541
{txt}{space 1}_Iyear_1734 {c |}{col 14}{res}{space 2} 2.374558{col 26}{space 2} 3.278374{col 37}{space 1}    0.72{col 46}{space 3}0.473{col 54}{space 4}-4.228426{col 67}{space 3} 8.977541
{txt}{space 1}_Iyear_1735 {c |}{col 14}{res}{space 2} 2.324396{col 26}{space 2} 3.110066{col 37}{space 1}    0.75{col 46}{space 3}0.459{col 54}{space 4}-3.939599{col 67}{space 3}  8.58839
{txt}{space 1}_Iyear_1736 {c |}{col 14}{res}{space 2} 2.006764{col 26}{space 2} 2.909086{col 37}{space 1}    0.69{col 46}{space 3}0.494{col 54}{space 4}-3.852436{col 67}{space 3} 7.865965
{txt}{space 1}_Iyear_1737 {c |}{col 14}{res}{space 2} 2.113095{col 26}{space 2} 2.706389{col 37}{space 1}    0.78{col 46}{space 3}0.439{col 54}{space 4}-3.337852{col 67}{space 3} 7.564042
{txt}{space 1}_Iyear_1738 {c |}{col 14}{res}{space 2}  2.39458{col 26}{space 2} 2.509643{col 37}{space 1}    0.95{col 46}{space 3}0.345{col 54}{space 4}-2.660101{col 67}{space 3} 7.449261
{txt}{space 1}_Iyear_1739 {c |}{col 14}{res}{space 2} 2.265962{col 26}{space 2} 2.336239{col 37}{space 1}    0.97{col 46}{space 3}0.337{col 54}{space 4}-2.439466{col 67}{space 3} 6.971389
{txt}{space 1}_Iyear_1740 {c |}{col 14}{res}{space 2}  1.31317{col 26}{space 2} 2.212454{col 37}{space 1}    0.59{col 46}{space 3}0.556{col 54}{space 4} -3.14294{col 67}{space 3} 5.769281
{txt}{space 1}_Iyear_1741 {c |}{col 14}{res}{space 2} 1.497233{col 26}{space 2} 1.888744{col 37}{space 1}    0.79{col 46}{space 3}0.432{col 54}{space 4}-2.306892{col 67}{space 3} 5.301359
{txt}{space 1}_Iyear_1742 {c |}{col 14}{res}{space 2} 1.534422{col 26}{space 2} 1.772226{col 37}{space 1}    0.87{col 46}{space 3}0.391{col 54}{space 4}-2.035025{col 67}{space 3} 5.103869
{txt}{space 1}_Iyear_1744 {c |}{col 14}{res}{space 2} 1.280212{col 26}{space 2} 1.330915{col 37}{space 1}    0.96{col 46}{space 3}0.341{col 54}{space 4}-1.400388{col 67}{space 3} 3.960813
{txt}{space 1}_Iyear_1745 {c |}{col 14}{res}{space 2} .5948042{col 26}{space 2} 1.152662{col 37}{space 1}    0.52{col 46}{space 3}0.608{col 54}{space 4}-1.726777{col 67}{space 3} 2.916386
{txt}{space 1}_Iyear_1746 {c |}{col 14}{res}{space 2} .5366689{col 26}{space 2} .9545956{col 37}{space 1}    0.56{col 46}{space 3}0.577{col 54}{space 4}-1.385985{col 67}{space 3} 2.459323
{txt}{space 1}_Iyear_1747 {c |}{col 14}{res}{space 2} .7353434{col 26}{space 2} .7725482{col 37}{space 1}    0.95{col 46}{space 3}0.346{col 54}{space 4}-.8206485{col 67}{space 3} 2.291335
{txt}{space 1}_Iyear_1748 {c |}{col 14}{res}{space 2} .5506154{col 26}{space 2} .5657214{col 37}{space 1}    0.97{col 46}{space 3}0.336{col 54}{space 4}-.5888059{col 67}{space 3} 1.690037
{txt}{space 1}_Iyear_1749 {c |}{col 14}{res}{space 2} .3954579{col 26}{space 2} .3599709{col 37}{space 1}    1.10{col 46}{space 3}0.278{col 54}{space 4}-.3295607{col 67}{space 3} 1.120477
{txt}{space 1}_Iyear_1750 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 1}_Iyear_1751 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}_cons {c |}{col 14}{res}{space 2}-255.9841{col 26}{space 2} 345.0376{col 37}{space 1}   -0.74{col 46}{space 3}0.462{col 54}{space 4}-950.9254{col 67}{space 3} 438.9572
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
     sigma_u {c |} {res} 3.1933019
     {txt}sigma_e {c |} {res} .43022582
         {txt}rho {c |} {res} .98217208{txt}   (fraction of variance due to u_i)
{hline 13}{c BT}{hline 64}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 5}lgprice {c |}{res}        397    .1771926    .4768836  -1.252763   1.809582
{txt}{stata `"shellout using `"Table2.tex"'"':Table2.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table2.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. *composition data
. 
. use composition.dta, clear
{txt}
{com}. 
. #delimit;
{txt}delimiter now ;
{com}. local replace append;
{txt}
{com}. foreach var of varlist difprice lgprice {c -(};
{txt}  2{com}. xi: xtreg `var' chshspain distfuture  obyear1-obyear8 i.year, fe cluster(provcode);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. outreg2 using  Table2.tex, `replace' dec(2) nocons noni
> adds("Provinces", e(N_clust), "Mean DV", `mean');
{txt}  6{com}. local replace;
{txt}  7{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
{p 0 6 2}note: obyear6 omitted because of collinearity{p_end}
{p 0 6 2}note: obyear8 omitted because of collinearity{p_end}
{p 0 6 2}note: _Iyear_1750 omitted because of collinearity{p_end}
{p 0 6 2}note: _Iyear_1751 omitted because of collinearity{p_end}
{res}
{txt}Fixed-effects (within) regression{col 49}Number of obs{col 67}={col 69}{res}       397
{txt}Group variable: {res}provcode{txt}{col 49}Number of groups{col 67}={col 69}{res}        46

{txt}R-sq:{col 49}Obs per group:
     within  = {res}0.4573{col 63}{txt}min{col 67}={col 69}{res}         3
{txt}     between = {res}0.0438{col 63}{txt}avg{col 67}={col 69}{res}       8.6
{txt}     overall = {res}0.0120{col 63}{txt}max{col 67}={col 69}{res}        15

{col 49}{help j_robustsingular##|_new:F(46,45)}{col 67}{txt}={col 70}{res}        .
{txt}corr(u_i, Xb){col 16}= {res}-0.9935{txt}{col 49}Prob > F{col 67}={col 73}{res}     .

{txt}{ralign 78:(Std. Err. adjusted for {res:46} clusters in provcode)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    difprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}chshspain {c |}{col 14}{res}{space 2}-77.66659{col 26}{space 2} 29.01803{col 37}{space 1}   -2.68{col 46}{space 3}0.010{col 54}{space 4}-136.1119{col 67}{space 3}-19.22127
{txt}{space 2}distfuture {c |}{col 14}{res}{space 2} 165.3062{col 26}{space 2} 42.01418{col 37}{space 1}    3.93{col 46}{space 3}0.000{col 54}{space 4} 80.68532{col 67}{space 3} 249.9271
{txt}{space 5}obyear1 {c |}{col 14}{res}{space 2} 6452.537{col 26}{space 2} 2008.181{col 37}{space 1}    3.21{col 46}{space 3}0.002{col 54}{space 4} 2407.853{col 67}{space 3} 10497.22
{txt}{space 5}obyear2 {c |}{col 14}{res}{space 2} 6464.782{col 26}{space 2} 2000.394{col 37}{space 1}    3.23{col 46}{space 3}0.002{col 54}{space 4} 2435.781{col 67}{space 3} 10493.78
{txt}{space 5}obyear3 {c |}{col 14}{res}{space 2} 6443.444{col 26}{space 2} 2001.144{col 37}{space 1}    3.22{col 46}{space 3}0.002{col 54}{space 4} 2412.934{col 67}{space 3} 10473.95
{txt}{space 5}obyear4 {c |}{col 14}{res}{space 2} 6493.704{col 26}{space 2} 1998.424{col 37}{space 1}    3.25{col 46}{space 3}0.002{col 54}{space 4} 2468.671{col 67}{space 3} 10518.74
{txt}{space 5}obyear5 {c |}{col 14}{res}{space 2}  6471.11{col 26}{space 2} 2003.569{col 37}{space 1}    3.23{col 46}{space 3}0.002{col 54}{space 4} 2435.714{col 67}{space 3} 10506.51
{txt}{space 5}obyear6 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 5}obyear7 {c |}{col 14}{res}{space 2} 6480.454{col 26}{space 2}  2012.86{col 37}{space 1}    3.22{col 46}{space 3}0.002{col 54}{space 4} 2426.347{col 67}{space 3} 10534.56
{txt}{space 5}obyear8 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 1}_Iyear_1688 {c |}{col 14}{res}{space 2}   402775{col 26}{space 2} 125704.4{col 37}{space 1}    3.20{col 46}{space 3}0.002{col 54}{space 4} 149593.4{col 67}{space 3} 655956.6
{txt}{space 1}_Iyear_1689 {c |}{col 14}{res}{space 2} 394900.5{col 26}{space 2} 123054.9{col 37}{space 1}    3.21{col 46}{space 3}0.002{col 54}{space 4} 147055.2{col 67}{space 3} 642745.8
{txt}{space 1}_Iyear_1690 {c |}{col 14}{res}{space 2}   389522{col 26}{space 2} 121800.3{col 37}{space 1}    3.20{col 46}{space 3}0.003{col 54}{space 4} 144203.6{col 67}{space 3} 634840.3
{txt}{space 1}_Iyear_1691 {c |}{col 14}{res}{space 2} 383444.9{col 26}{space 2} 119508.1{col 37}{space 1}    3.21{col 46}{space 3}0.002{col 54}{space 4} 142743.3{col 67}{space 3} 624146.4
{txt}{space 1}_Iyear_1692 {c |}{col 14}{res}{space 2} 377596.7{col 26}{space 2} 117547.9{col 37}{space 1}    3.21{col 46}{space 3}0.002{col 54}{space 4} 140843.1{col 67}{space 3} 614350.2
{txt}{space 1}_Iyear_1693 {c |}{col 14}{res}{space 2} 371291.2{col 26}{space 2} 115556.2{col 37}{space 1}    3.21{col 46}{space 3}0.002{col 54}{space 4} 138549.1{col 67}{space 3} 604033.3
{txt}{space 1}_Iyear_1694 {c |}{col 14}{res}{space 2} 363630.8{col 26}{space 2} 113556.7{col 37}{space 1}    3.20{col 46}{space 3}0.003{col 54}{space 4} 134915.9{col 67}{space 3} 592345.7
{txt}{space 1}_Iyear_1695 {c |}{col 14}{res}{space 2} 355023.5{col 26}{space 2} 111431.5{col 37}{space 1}    3.19{col 46}{space 3}0.003{col 54}{space 4}   130589{col 67}{space 3}   579458
{txt}{space 1}_Iyear_1696 {c |}{col 14}{res}{space 2} 348957.1{col 26}{space 2} 109396.4{col 37}{space 1}    3.19{col 46}{space 3}0.003{col 54}{space 4} 128621.5{col 67}{space 3} 569292.8
{txt}{space 1}_Iyear_1697 {c |}{col 14}{res}{space 2} 343479.9{col 26}{space 2}   107574{col 37}{space 1}    3.19{col 46}{space 3}0.003{col 54}{space 4} 126814.7{col 67}{space 3}   560145
{txt}{space 1}_Iyear_1698 {c |}{col 14}{res}{space 2} 336320.4{col 26}{space 2}   105351{col 37}{space 1}    3.19{col 46}{space 3}0.003{col 54}{space 4} 124132.6{col 67}{space 3} 548508.2
{txt}{space 1}_Iyear_1699 {c |}{col 14}{res}{space 2} 325806.5{col 26}{space 2} 103306.4{col 37}{space 1}    3.15{col 46}{space 3}0.003{col 54}{space 4} 117736.7{col 67}{space 3} 533876.4
{txt}{space 1}_Iyear_1700 {c |}{col 14}{res}{space 2}   321552{col 26}{space 2} 101423.4{col 37}{space 1}    3.17{col 46}{space 3}0.003{col 54}{space 4} 117274.8{col 67}{space 3} 525829.2
{txt}{space 1}_Iyear_1704 {c |}{col 14}{res}{space 2} 296316.1{col 26}{space 2} 93260.46{col 37}{space 1}    3.18{col 46}{space 3}0.003{col 54}{space 4} 108479.9{col 67}{space 3} 484152.3
{txt}{space 1}_Iyear_1705 {c |}{col 14}{res}{space 2} 290688.4{col 26}{space 2} 91109.11{col 37}{space 1}    3.19{col 46}{space 3}0.003{col 54}{space 4} 107185.3{col 67}{space 3} 474191.6
{txt}{space 1}_Iyear_1706 {c |}{col 14}{res}{space 2} 283639.5{col 26}{space 2} 89355.58{col 37}{space 1}    3.17{col 46}{space 3}0.003{col 54}{space 4} 103668.1{col 67}{space 3} 463610.8
{txt}{space 1}_Iyear_1707 {c |}{col 14}{res}{space 2}   278088{col 26}{space 2} 87178.26{col 37}{space 1}    3.19{col 46}{space 3}0.003{col 54}{space 4} 102501.9{col 67}{space 3}   453674
{txt}{space 1}_Iyear_1708 {c |}{col 14}{res}{space 2}   272905{col 26}{space 2} 85487.59{col 37}{space 1}    3.19{col 46}{space 3}0.003{col 54}{space 4} 100724.2{col 67}{space 3} 445085.9
{txt}{space 1}_Iyear_1709 {c |}{col 14}{res}{space 2} 267387.2{col 26}{space 2} 83321.89{col 37}{space 1}    3.21{col 46}{space 3}0.002{col 54}{space 4} 99568.34{col 67}{space 3} 435206.1
{txt}{space 1}_Iyear_1710 {c |}{col 14}{res}{space 2} 258421.7{col 26}{space 2} 81537.84{col 37}{space 1}    3.17{col 46}{space 3}0.003{col 54}{space 4} 94196.05{col 67}{space 3} 422647.3
{txt}{space 1}_Iyear_1711 {c |}{col 14}{res}{space 2} 252776.3{col 26}{space 2} 79472.72{col 37}{space 1}    3.18{col 46}{space 3}0.003{col 54}{space 4} 92710.02{col 67}{space 3} 412842.6
{txt}{space 1}_Iyear_1712 {c |}{col 14}{res}{space 2} 245694.4{col 26}{space 2}  77177.2{col 37}{space 1}    3.18{col 46}{space 3}0.003{col 54}{space 4} 90251.49{col 67}{space 3} 401137.2
{txt}{space 1}_Iyear_1713 {c |}{col 14}{res}{space 2} 240658.3{col 26}{space 2} 75495.56{col 37}{space 1}    3.19{col 46}{space 3}0.003{col 54}{space 4} 88602.43{col 67}{space 3} 392714.2
{txt}{space 1}_Iyear_1714 {c |}{col 14}{res}{space 2}   235971{col 26}{space 2} 73424.99{col 37}{space 1}    3.21{col 46}{space 3}0.002{col 54}{space 4} 88085.49{col 67}{space 3} 383856.5
{txt}{space 1}_Iyear_1715 {c |}{col 14}{res}{space 2} 228654.7{col 26}{space 2} 71431.27{col 37}{space 1}    3.20{col 46}{space 3}0.003{col 54}{space 4} 84784.76{col 67}{space 3} 372524.7
{txt}{space 1}_Iyear_1716 {c |}{col 14}{res}{space 2}   221476{col 26}{space 2} 69250.11{col 37}{space 1}    3.20{col 46}{space 3}0.003{col 54}{space 4} 81999.16{col 67}{space 3} 360952.9
{txt}{space 1}_Iyear_1717 {c |}{col 14}{res}{space 2} 214506.3{col 26}{space 2} 67329.93{col 37}{space 1}    3.19{col 46}{space 3}0.003{col 54}{space 4} 78896.89{col 67}{space 3} 350115.8
{txt}{space 1}_Iyear_1718 {c |}{col 14}{res}{space 2} 210706.4{col 26}{space 2} 65359.36{col 37}{space 1}    3.22{col 46}{space 3}0.002{col 54}{space 4} 79065.89{col 67}{space 3} 342346.9
{txt}{space 1}_Iyear_1719 {c |}{col 14}{res}{space 2} 202098.6{col 26}{space 2} 63401.91{col 37}{space 1}    3.19{col 46}{space 3}0.003{col 54}{space 4} 74400.57{col 67}{space 3} 329796.6
{txt}{space 1}_Iyear_1720 {c |}{col 14}{res}{space 2} 198388.1{col 26}{space 2} 61360.47{col 37}{space 1}    3.23{col 46}{space 3}0.002{col 54}{space 4}  74801.8{col 67}{space 3} 321974.5
{txt}{space 1}_Iyear_1728 {c |}{col 14}{res}{space 2}   146616{col 26}{space 2} 45298.97{col 37}{space 1}    3.24{col 46}{space 3}0.002{col 54}{space 4} 55379.17{col 67}{space 3} 237852.8
{txt}{space 1}_Iyear_1729 {c |}{col 14}{res}{space 2} 142009.5{col 26}{space 2} 43231.81{col 37}{space 1}    3.28{col 46}{space 3}0.002{col 54}{space 4} 54936.15{col 67}{space 3} 229082.8
{txt}{space 1}_Iyear_1730 {c |}{col 14}{res}{space 2} 133484.7{col 26}{space 2} 40843.39{col 37}{space 1}    3.27{col 46}{space 3}0.002{col 54}{space 4} 51221.91{col 67}{space 3} 215747.5
{txt}{space 1}_Iyear_1731 {c |}{col 14}{res}{space 2} 124235.1{col 26}{space 2}    38707{col 37}{space 1}    3.21{col 46}{space 3}0.002{col 54}{space 4}  46275.2{col 67}{space 3}   202195
{txt}{space 1}_Iyear_1732 {c |}{col 14}{res}{space 2}   118224{col 26}{space 2} 37265.86{col 37}{space 1}    3.17{col 46}{space 3}0.003{col 54}{space 4}  43166.7{col 67}{space 3} 193281.3
{txt}{space 1}_Iyear_1733 {c |}{col 14}{res}{space 2} 112200.1{col 26}{space 2} 35242.38{col 37}{space 1}    3.18{col 46}{space 3}0.003{col 54}{space 4} 41218.31{col 67}{space 3} 183181.9
{txt}{space 1}_Iyear_1734 {c |}{col 14}{res}{space 2} 105583.5{col 26}{space 2} 33311.02{col 37}{space 1}    3.17{col 46}{space 3}0.003{col 54}{space 4} 38491.63{col 67}{space 3} 172675.3
{txt}{space 1}_Iyear_1735 {c |}{col 14}{res}{space 2} 99529.86{col 26}{space 2} 31314.75{col 37}{space 1}    3.18{col 46}{space 3}0.003{col 54}{space 4} 36458.71{col 67}{space 3}   162601
{txt}{space 1}_Iyear_1736 {c |}{col 14}{res}{space 2} 92027.16{col 26}{space 2} 29050.51{col 37}{space 1}    3.17{col 46}{space 3}0.003{col 54}{space 4} 33516.42{col 67}{space 3} 150537.9
{txt}{space 1}_Iyear_1737 {c |}{col 14}{res}{space 2} 87524.94{col 26}{space 2} 27330.17{col 37}{space 1}    3.20{col 46}{space 3}0.003{col 54}{space 4} 32479.15{col 67}{space 3} 142570.7
{txt}{space 1}_Iyear_1738 {c |}{col 14}{res}{space 2} 84813.73{col 26}{space 2} 25553.69{col 37}{space 1}    3.32{col 46}{space 3}0.002{col 54}{space 4} 33345.95{col 67}{space 3} 136281.5
{txt}{space 1}_Iyear_1739 {c |}{col 14}{res}{space 2} 78694.08{col 26}{space 2} 23324.86{col 37}{space 1}    3.37{col 46}{space 3}0.002{col 54}{space 4} 31715.39{col 67}{space 3} 125672.8
{txt}{space 1}_Iyear_1740 {c |}{col 14}{res}{space 2} 66567.95{col 26}{space 2} 21473.54{col 37}{space 1}    3.10{col 46}{space 3}0.003{col 54}{space 4} 23318.03{col 67}{space 3} 109817.9
{txt}{space 1}_Iyear_1741 {c |}{col 14}{res}{space 2} 61761.97{col 26}{space 2} 19176.98{col 37}{space 1}    3.22{col 46}{space 3}0.002{col 54}{space 4} 23137.54{col 67}{space 3} 100386.4
{txt}{space 1}_Iyear_1742 {c |}{col 14}{res}{space 2} 54960.42{col 26}{space 2}  17513.9{col 37}{space 1}    3.14{col 46}{space 3}0.003{col 54}{space 4} 19685.62{col 67}{space 3} 90235.22
{txt}{space 1}_Iyear_1744 {c |}{col 14}{res}{space 2} 43171.21{col 26}{space 2} 13339.67{col 37}{space 1}    3.24{col 46}{space 3}0.002{col 54}{space 4} 16303.74{col 67}{space 3} 70038.68
{txt}{space 1}_Iyear_1745 {c |}{col 14}{res}{space 2} 32593.39{col 26}{space 2} 11333.33{col 37}{space 1}    2.88{col 46}{space 3}0.006{col 54}{space 4} 9766.891{col 67}{space 3} 55419.89
{txt}{space 1}_Iyear_1746 {c |}{col 14}{res}{space 2} 27692.68{col 26}{space 2} 9239.487{col 37}{space 1}    3.00{col 46}{space 3}0.004{col 54}{space 4} 9083.397{col 67}{space 3} 46301.96
{txt}{space 1}_Iyear_1747 {c |}{col 14}{res}{space 2} 24924.99{col 26}{space 2} 7893.671{col 37}{space 1}    3.16{col 46}{space 3}0.003{col 54}{space 4} 9026.323{col 67}{space 3} 40823.66
{txt}{space 1}_Iyear_1748 {c |}{col 14}{res}{space 2} 19942.79{col 26}{space 2} 5567.466{col 37}{space 1}    3.58{col 46}{space 3}0.001{col 54}{space 4} 8729.337{col 67}{space 3} 31156.24
{txt}{space 1}_Iyear_1749 {c |}{col 14}{res}{space 2} 11625.45{col 26}{space 2} 3783.914{col 37}{space 1}    3.07{col 46}{space 3}0.004{col 54}{space 4} 4004.256{col 67}{space 3} 19246.64
{txt}{space 1}_Iyear_1750 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 1}_Iyear_1751 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}_cons {c |}{col 14}{res}{space 2}-1.13e+07{col 26}{space 2}  3512285{col 37}{space 1}   -3.23{col 46}{space 3}0.002{col 54}{space 4}-1.84e+07{col 67}{space 3} -4255034
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
     sigma_u {c |} {res} 22351.325
     {txt}sigma_e {c |} {res} 2857.8558
         {txt}rho {c |} {res} .98391461{txt}   (fraction of variance due to u_i)
{hline 13}{c BT}{hline 64}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}difprice {c |}{res}        397     1197.08    3436.035  -14719.95   23810.56
{txt}{stata `"shellout using `"Table2.tex"'"':Table2.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table2.txt""':seeout}
i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
{p 0 6 2}note: obyear6 omitted because of collinearity{p_end}
{p 0 6 2}note: obyear8 omitted because of collinearity{p_end}
{p 0 6 2}note: _Iyear_1750 omitted because of collinearity{p_end}
{p 0 6 2}note: _Iyear_1751 omitted because of collinearity{p_end}
{res}
{txt}Fixed-effects (within) regression{col 49}Number of obs{col 67}={col 69}{res}       397
{txt}Group variable: {res}provcode{txt}{col 49}Number of groups{col 67}={col 69}{res}        46

{txt}R-sq:{col 49}Obs per group:
     within  = {res}0.3580{col 63}{txt}min{col 67}={col 69}{res}         3
{txt}     between = {res}0.0000{col 63}{txt}avg{col 67}={col 69}{res}       8.6
{txt}     overall = {res}0.0026{col 63}{txt}max{col 67}={col 69}{res}        15

{col 49}{help j_robustsingular##|_new:F(47,45)}{col 67}{txt}={col 70}{res}        .
{txt}corr(u_i, Xb){col 16}= {res}-0.9933{txt}{col 49}Prob > F{col 67}={col 73}{res}     .

{txt}{ralign 78:(Std. Err. adjusted for {res:46} clusters in provcode)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}     lgprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}chshspain {c |}{col 14}{res}{space 2}-.0052219{col 26}{space 2} .0036109{col 37}{space 1}   -1.45{col 46}{space 3}0.155{col 54}{space 4}-.0124947{col 67}{space 3} .0020508
{txt}{space 2}distfuture {c |}{col 14}{res}{space 2} .0138723{col 26}{space 2} .0049532{col 37}{space 1}    2.80{col 46}{space 3}0.007{col 54}{space 4}  .003896{col 67}{space 3} .0238485
{txt}{space 5}obyear1 {c |}{col 14}{res}{space 2} .1880983{col 26}{space 2} .2133001{col 37}{space 1}    0.88{col 46}{space 3}0.383{col 54}{space 4}-.2415101{col 67}{space 3} .6177067
{txt}{space 5}obyear2 {c |}{col 14}{res}{space 2} .1919943{col 26}{space 2} .2118642{col 37}{space 1}    0.91{col 46}{space 3}0.370{col 54}{space 4} -.234722{col 67}{space 3} .6187107
{txt}{space 5}obyear3 {c |}{col 14}{res}{space 2} .1900006{col 26}{space 2} .2119649{col 37}{space 1}    0.90{col 46}{space 3}0.375{col 54}{space 4}-.2369187{col 67}{space 3} .6169198
{txt}{space 5}obyear4 {c |}{col 14}{res}{space 2} .1931601{col 26}{space 2} .2114736{col 37}{space 1}    0.91{col 46}{space 3}0.366{col 54}{space 4}-.2327696{col 67}{space 3} .6190897
{txt}{space 5}obyear5 {c |}{col 14}{res}{space 2} .1916847{col 26}{space 2} .2119985{col 37}{space 1}    0.90{col 46}{space 3}0.371{col 54}{space 4}-.2353022{col 67}{space 3} .6186715
{txt}{space 5}obyear6 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 5}obyear7 {c |}{col 14}{res}{space 2} .1916191{col 26}{space 2} .2133051{col 37}{space 1}    0.90{col 46}{space 3}0.374{col 54}{space 4}-.2379995{col 67}{space 3} .6212377
{txt}{space 5}obyear8 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 1}_Iyear_1688 {c |}{col 14}{res}{space 2} 11.77246{col 26}{space 2} 13.39498{col 37}{space 1}    0.88{col 46}{space 3}0.384{col 54}{space 4}-15.20642{col 67}{space 3} 38.75133
{txt}{space 1}_Iyear_1689 {c |}{col 14}{res}{space 2} 11.09355{col 26}{space 2} 13.07911{col 37}{space 1}    0.85{col 46}{space 3}0.401{col 54}{space 4}-15.24913{col 67}{space 3} 37.43624
{txt}{space 1}_Iyear_1690 {c |}{col 14}{res}{space 2} 11.38783{col 26}{space 2} 12.98542{col 37}{space 1}    0.88{col 46}{space 3}0.385{col 54}{space 4}-14.76616{col 67}{space 3} 37.54182
{txt}{space 1}_Iyear_1691 {c |}{col 14}{res}{space 2} 10.78711{col 26}{space 2} 12.69953{col 37}{space 1}    0.85{col 46}{space 3}0.400{col 54}{space 4}-14.79105{col 67}{space 3} 36.36527
{txt}{space 1}_Iyear_1692 {c |}{col 14}{res}{space 2} 11.06873{col 26}{space 2} 12.50021{col 37}{space 1}    0.89{col 46}{space 3}0.381{col 54}{space 4}-14.10799{col 67}{space 3} 36.24545
{txt}{space 1}_Iyear_1693 {c |}{col 14}{res}{space 2} 10.92599{col 26}{space 2} 12.29137{col 37}{space 1}    0.89{col 46}{space 3}0.379{col 54}{space 4}-13.83011{col 67}{space 3} 35.68209
{txt}{space 1}_Iyear_1694 {c |}{col 14}{res}{space 2}  10.6009{col 26}{space 2} 12.07417{col 37}{space 1}    0.88{col 46}{space 3}0.385{col 54}{space 4}-13.71772{col 67}{space 3} 34.91952
{txt}{space 1}_Iyear_1695 {c |}{col 14}{res}{space 2} 10.09346{col 26}{space 2} 11.83358{col 37}{space 1}    0.85{col 46}{space 3}0.398{col 54}{space 4} -13.7406{col 67}{space 3} 33.92752
{txt}{space 1}_Iyear_1696 {c |}{col 14}{res}{space 2} 10.05599{col 26}{space 2} 11.62953{col 37}{space 1}    0.86{col 46}{space 3}0.392{col 54}{space 4}-13.36708{col 67}{space 3} 33.47906
{txt}{space 1}_Iyear_1697 {c |}{col 14}{res}{space 2} 9.895402{col 26}{space 2} 11.45186{col 37}{space 1}    0.86{col 46}{space 3}0.392{col 54}{space 4}-13.16982{col 67}{space 3} 32.96062
{txt}{space 1}_Iyear_1698 {c |}{col 14}{res}{space 2} 9.336581{col 26}{space 2} 11.17526{col 37}{space 1}    0.84{col 46}{space 3}0.408{col 54}{space 4}-13.17155{col 67}{space 3} 31.84471
{txt}{space 1}_Iyear_1699 {c |}{col 14}{res}{space 2} 9.082933{col 26}{space 2} 10.98162{col 37}{space 1}    0.83{col 46}{space 3}0.413{col 54}{space 4}-13.03518{col 67}{space 3} 31.20105
{txt}{space 1}_Iyear_1700 {c |}{col 14}{res}{space 2} 9.206711{col 26}{space 2}  10.7545{col 37}{space 1}    0.86{col 46}{space 3}0.396{col 54}{space 4}-12.45396{col 67}{space 3} 30.86738
{txt}{space 1}_Iyear_1704 {c |}{col 14}{res}{space 2} 8.566734{col 26}{space 2} 9.943238{col 37}{space 1}    0.86{col 46}{space 3}0.393{col 54}{space 4}-11.45998{col 67}{space 3} 28.59344
{txt}{space 1}_Iyear_1705 {c |}{col 14}{res}{space 2} 8.340861{col 26}{space 2} 9.686958{col 37}{space 1}    0.86{col 46}{space 3}0.394{col 54}{space 4}-11.16967{col 67}{space 3}  27.8514
{txt}{space 1}_Iyear_1706 {c |}{col 14}{res}{space 2} 8.115618{col 26}{space 2} 9.524358{col 37}{space 1}    0.85{col 46}{space 3}0.399{col 54}{space 4}-11.06742{col 67}{space 3} 27.29866
{txt}{space 1}_Iyear_1707 {c |}{col 14}{res}{space 2} 7.950304{col 26}{space 2} 9.274176{col 37}{space 1}    0.86{col 46}{space 3}0.396{col 54}{space 4}-10.72885{col 67}{space 3} 26.62945
{txt}{space 1}_Iyear_1708 {c |}{col 14}{res}{space 2} 7.903527{col 26}{space 2} 9.092686{col 37}{space 1}    0.87{col 46}{space 3}0.389{col 54}{space 4}-10.41008{col 67}{space 3} 26.21714
{txt}{space 1}_Iyear_1709 {c |}{col 14}{res}{space 2}  8.09154{col 26}{space 2} 8.899102{col 37}{space 1}    0.91{col 46}{space 3}0.368{col 54}{space 4}-9.832171{col 67}{space 3} 26.01525
{txt}{space 1}_Iyear_1710 {c |}{col 14}{res}{space 2}  7.53897{col 26}{space 2} 8.742787{col 37}{space 1}    0.86{col 46}{space 3}0.393{col 54}{space 4}-10.06991{col 67}{space 3} 25.14785
{txt}{space 1}_Iyear_1711 {c |}{col 14}{res}{space 2} 7.295213{col 26}{space 2} 8.472076{col 37}{space 1}    0.86{col 46}{space 3}0.394{col 54}{space 4}-9.768424{col 67}{space 3} 24.35885
{txt}{space 1}_Iyear_1712 {c |}{col 14}{res}{space 2} 7.071293{col 26}{space 2}  8.24888{col 37}{space 1}    0.86{col 46}{space 3}0.396{col 54}{space 4}-9.542805{col 67}{space 3} 23.68539
{txt}{space 1}_Iyear_1713 {c |}{col 14}{res}{space 2} 7.005557{col 26}{space 2}  8.04626{col 37}{space 1}    0.87{col 46}{space 3}0.389{col 54}{space 4}-9.200442{col 67}{space 3} 23.21156
{txt}{space 1}_Iyear_1714 {c |}{col 14}{res}{space 2} 7.322696{col 26}{space 2} 7.833273{col 37}{space 1}    0.93{col 46}{space 3}0.355{col 54}{space 4}-8.454326{col 67}{space 3} 23.09972
{txt}{space 1}_Iyear_1715 {c |}{col 14}{res}{space 2}  7.09574{col 26}{space 2} 7.626982{col 37}{space 1}    0.93{col 46}{space 3}0.357{col 54}{space 4}-8.265791{col 67}{space 3} 22.45727
{txt}{space 1}_Iyear_1716 {c |}{col 14}{res}{space 2} 6.599647{col 26}{space 2} 7.372877{col 37}{space 1}    0.90{col 46}{space 3}0.375{col 54}{space 4} -8.25009{col 67}{space 3} 21.44938
{txt}{space 1}_Iyear_1717 {c |}{col 14}{res}{space 2} 5.689309{col 26}{space 2} 7.143323{col 37}{space 1}    0.80{col 46}{space 3}0.430{col 54}{space 4}-8.698082{col 67}{space 3}  20.0767
{txt}{space 1}_Iyear_1718 {c |}{col 14}{res}{space 2}  6.62221{col 26}{space 2}  6.96868{col 37}{space 1}    0.95{col 46}{space 3}0.347{col 54}{space 4}-7.413431{col 67}{space 3} 20.65785
{txt}{space 1}_Iyear_1719 {c |}{col 14}{res}{space 2}  5.97616{col 26}{space 2} 6.765874{col 37}{space 1}    0.88{col 46}{space 3}0.382{col 54}{space 4} -7.65101{col 67}{space 3} 19.60333
{txt}{space 1}_Iyear_1720 {c |}{col 14}{res}{space 2} 5.884117{col 26}{space 2} 6.530968{col 37}{space 1}    0.90{col 46}{space 3}0.372{col 54}{space 4}-7.269929{col 67}{space 3} 19.03816
{txt}{space 1}_Iyear_1728 {c |}{col 14}{res}{space 2} 4.722467{col 26}{space 2} 4.871948{col 37}{space 1}    0.97{col 46}{space 3}0.338{col 54}{space 4} -5.09014{col 67}{space 3} 14.53507
{txt}{space 1}_Iyear_1729 {c |}{col 14}{res}{space 2} 4.475418{col 26}{space 2} 4.593497{col 37}{space 1}    0.97{col 46}{space 3}0.335{col 54}{space 4}-4.776361{col 67}{space 3}  13.7272
{txt}{space 1}_Iyear_1730 {c |}{col 14}{res}{space 2} 4.132487{col 26}{space 2} 4.315175{col 37}{space 1}    0.96{col 46}{space 3}0.343{col 54}{space 4}-4.558723{col 67}{space 3}  12.8237
{txt}{space 1}_Iyear_1731 {c |}{col 14}{res}{space 2} 3.571466{col 26}{space 2} 4.140568{col 37}{space 1}    0.86{col 46}{space 3}0.393{col 54}{space 4}-4.768066{col 67}{space 3}   11.911
{txt}{space 1}_Iyear_1732 {c |}{col 14}{res}{space 2} 3.351221{col 26}{space 2} 3.975172{col 37}{space 1}    0.84{col 46}{space 3}0.404{col 54}{space 4}-4.655186{col 67}{space 3} 11.35763
{txt}{space 1}_Iyear_1733 {c |}{col 14}{res}{space 2} 3.196342{col 26}{space 2} 3.757546{col 37}{space 1}    0.85{col 46}{space 3}0.399{col 54}{space 4}-4.371745{col 67}{space 3} 10.76443
{txt}{space 1}_Iyear_1734 {c |}{col 14}{res}{space 2} 3.065276{col 26}{space 2}  3.56266{col 37}{space 1}    0.86{col 46}{space 3}0.394{col 54}{space 4} -4.11029{col 67}{space 3} 10.24084
{txt}{space 1}_Iyear_1735 {c |}{col 14}{res}{space 2} 3.024049{col 26}{space 2} 3.364346{col 37}{space 1}    0.90{col 46}{space 3}0.374{col 54}{space 4}-3.752091{col 67}{space 3}  9.80019
{txt}{space 1}_Iyear_1736 {c |}{col 14}{res}{space 2} 2.672829{col 26}{space 2} 3.132789{col 37}{space 1}    0.85{col 46}{space 3}0.398{col 54}{space 4}-3.636931{col 67}{space 3} 8.982589
{txt}{space 1}_Iyear_1737 {c |}{col 14}{res}{space 2} 2.761378{col 26}{space 2} 2.935573{col 37}{space 1}    0.94{col 46}{space 3}0.352{col 54}{space 4}-3.151169{col 67}{space 3} 8.673925
{txt}{space 1}_Iyear_1738 {c |}{col 14}{res}{space 2} 3.006886{col 26}{space 2} 2.714252{col 37}{space 1}    1.11{col 46}{space 3}0.274{col 54}{space 4}-2.459898{col 67}{space 3}  8.47367
{txt}{space 1}_Iyear_1739 {c |}{col 14}{res}{space 2} 2.835811{col 26}{space 2} 2.534337{col 37}{space 1}    1.12{col 46}{space 3}0.269{col 54}{space 4}-2.268606{col 67}{space 3} 7.940228
{txt}{space 1}_Iyear_1740 {c |}{col 14}{res}{space 2} 1.742655{col 26}{space 2} 2.375753{col 37}{space 1}    0.73{col 46}{space 3}0.467{col 54}{space 4}-3.042356{col 67}{space 3} 6.527666
{txt}{space 1}_Iyear_1741 {c |}{col 14}{res}{space 2} 1.948836{col 26}{space 2} 2.054778{col 37}{space 1}    0.95{col 46}{space 3}0.348{col 54}{space 4}  -2.1897{col 67}{space 3} 6.087371
{txt}{space 1}_Iyear_1742 {c |}{col 14}{res}{space 2} 1.871563{col 26}{space 2} 1.900682{col 37}{space 1}    0.98{col 46}{space 3}0.330{col 54}{space 4}-1.956606{col 67}{space 3} 5.699733
{txt}{space 1}_Iyear_1744 {c |}{col 14}{res}{space 2}  1.59395{col 26}{space 2} 1.453548{col 37}{space 1}    1.10{col 46}{space 3}0.279{col 54}{space 4}-1.333646{col 67}{space 3} 4.521546
{txt}{space 1}_Iyear_1745 {c |}{col 14}{res}{space 2} .8773209{col 26}{space 2}  1.26712{col 37}{space 1}    0.69{col 46}{space 3}0.492{col 54}{space 4} -1.67479{col 67}{space 3} 3.429432
{txt}{space 1}_Iyear_1746 {c |}{col 14}{res}{space 2}  .852005{col 26}{space 2} 1.044364{col 37}{space 1}    0.82{col 46}{space 3}0.419{col 54}{space 4}-1.251453{col 67}{space 3} 2.955463
{txt}{space 1}_Iyear_1747 {c |}{col 14}{res}{space 2} .9436946{col 26}{space 2} .8454875{col 37}{space 1}    1.12{col 46}{space 3}0.270{col 54}{space 4}-.7592046{col 67}{space 3} 2.646594
{txt}{space 1}_Iyear_1748 {c |}{col 14}{res}{space 2} .7388671{col 26}{space 2} .6244126{col 37}{space 1}    1.18{col 46}{space 3}0.243{col 54}{space 4}-.5187644{col 67}{space 3} 1.996499
{txt}{space 1}_Iyear_1749 {c |}{col 14}{res}{space 2} .5410379{col 26}{space 2} .4120034{col 37}{space 1}    1.31{col 46}{space 3}0.196{col 54}{space 4}-.2887796{col 67}{space 3} 1.370855
{txt}{space 1}_Iyear_1750 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 1}_Iyear_1751 {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 7}_cons {c |}{col 14}{res}{space 2}-334.7341{col 26}{space 2} 372.1432{col 37}{space 1}   -0.90{col 46}{space 3}0.373{col 54}{space 4}-1084.269{col 67}{space 3} 414.8008
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
     sigma_u {c |} {res} 2.5599419
     {txt}sigma_e {c |} {res}  .4389086
         {txt}rho {c |} {res} .97144346{txt}   (fraction of variance due to u_i)
{hline 13}{c BT}{hline 64}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 5}lgprice {c |}{res}        397    .1771926    .4768836  -1.252763   1.809582
{txt}{stata `"shellout using `"Table2.tex"'"':Table2.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table2.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. 
. *******************
. ***TABLE 3: IV 
. *******************
. 
. *new members data
. 
. use newmembersdata.dta, clear
{txt}
{com}. 
. 
. #delimit;
{txt}delimiter now ;
{com}. local replace replace;
{txt}
{com}. foreach var of varlist difprice lgprice {c -(};
{txt}  2{com}. xi: xtivreg2 `var' (chshsold = totspanishdeath) obyear1-obyear8 i.year distfuture if distfuture<=9, fe cluster(provcode) first
>  partial (obyear* distfuture _I*);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. local fstat = e(widstat);
{txt}  6{com}. outreg2 using  Table3.tex, `replace' dec(2) nocons noni nor
> adds("Provinces", e(N_clust), "Mean DV", `mean', "F-Stat", `fstat');
{txt}  7{com}. local replace;
{txt}  8{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 21}_Iyear_1733 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       46{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.5
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730 _Iyear_1733
{col 16}_Iyear_1750 _Iyear_1751

First-stage regressions
{hline 23}


FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       46{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.5
{txt}{col 64}max{col 68}={col 70}{res}       13

{txt}First-stage regression of chshsold:

Statistics robust to heteroskedasticity and clustering on provcode
Number of obs = {col 31}{res}     301
{txt}Number of clusters (provcode) = {col 33}{res}    46
{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}    Robust
{col 1}       chshsold{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
totspanishdeath {c |}{col 17}{res}{space 2} 146.3336{col 29}{space 2} 13.59328{col 40}{space 1}   10.77{col 49}{space 3}0.000{col 57}{space 4}  119.529{col 70}{space 3} 173.1381
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
F test of excluded instruments:
  F(  1,    45) = {res}  115.89
{txt}  Prob > F      = {res}  0.0000
{help ivreg2##swstats:Sanderson-Windmeijer multivariate F test of excluded instruments:}
{txt}  F(  1,    45) = {res}  115.89
{txt}  Prob > F      = {res}  0.0000



{txt}Summary results for first-stage regressions
{hline 43}

{col 44}{help ivreg2##swstats:(Underid)}{col 65}{help ivreg2##swstats:(Weak id)}
Variable     |{col 16}{help ivreg2##swstats:F}({res}{col 17}  1{txt},{res}    45{txt})  P-val{col 37}|{col 39}{help ivreg2##swstats:SW Chi-sq}({res}  1{txt}) P-val{col 60}|{col 62}{help ivreg2##swstats:SW F}({res}{col 67}  1{txt},{res}    45{txt})
{res}chshsold    {col 14}{txt}|{col 18}{res}  115.89{col 28}  0.0000{col 37}{txt}|{col 42}{res}  144.47{col 51}  0.0000{col 60}{txt}|{col 65}{res}  115.89

{txt}NB: first-stage test statistics cluster-robust

Stock-Yogo weak ID F test critical values for single endogenous regressor:
{res}{txt}{col 36}10% maximal IV size{res}{col 67} 16.38
{txt}{col 36}15% maximal IV size{res}{col 67}  8.96
{txt}{col 36}20% maximal IV size{res}{col 67}  6.66
{txt}{col 36}25% maximal IV size{res}{col 67}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for i.i.d. errors only.

{help ivreg2##idtest:Underidentification test}
Ho: matrix of reduced form coefficients has rank=K1-1 (underidentified)
Ha: matrix has rank=K1 (identified)
{res}Kleibergen-Paap rk LM statistic{txt}{col 42}Chi-sq({res}1{txt})={res}17.31  {col 61}{txt}P-val={res}0.0000

{help ivreg2##widtest:Weak identification test}
{txt}Ho: equation is weakly identified
{res}Cragg-Donald Wald F statistic{col 65}   68.67
Kleibergen-Paap Wald rk F statistic{col 65}  115.89

{txt}Stock-Yogo weak ID test critical values for K1=1 and L1=1:
{res}{txt}{col 36}10% maximal IV size{res}{col 67} 16.38
{txt}{col 36}15% maximal IV size{res}{col 67}  8.96
{txt}{col 36}20% maximal IV size{res}{col 67}  6.66
{txt}{col 36}25% maximal IV size{res}{col 67}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.

{help ivreg2##wirobust:Weak-instrument-robust inference}
Tests of joint significance of endogenous regressors B1 in main equation
Ho: B1=0 and orthogonality conditions are valid
{res}Anderson-Rubin Wald test{txt}{col 36}F({res}1{txt},{res}45{txt})={col 49}{res}   5.07{col 61}{txt}P-val={res}0.0293
Anderson-Rubin Wald test{txt}{col 36}Chi-sq({res}1{txt})={col 49}{res}   6.32{col 61}{txt}P-val={res}0.0119
Stock-Wright LM S statistic{txt}{col 36}Chi-sq({res}1{txt})={col 49}{res}   4.13{col 61}{txt}P-val={res}0.0420

{txt}NB: Underidentification, weak identification and weak-identification-robust
    test statistics cluster-robust

Number of clusters             N_clust  = {res}        46
{txt}Number of observations               N  = {res}       301
{txt}Number of regressors                 K  = {res}         1
{txt}Number of endogenous regressors      K1 = {res}         1
{txt}Number of instruments                L  = {res}         1
{txt}Number of excluded instruments       L1 = {res}         1
{txt}Number of partialled-out regressors/IVs = {res}        54
{txt}NB: K & L do not included partialled-out variables

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    46{txt}{col 55}Number of obs = {res}     301
{txt}{col 55}F(  1,    45) = {res}    5.19
{txt}{col 55}Prob > F      = {res}  0.0276
{txt}Total (centered) SS     = {res}  1344355223{txt}{col 55}Centered R2   = {res} -0.0509
{txt}Total (uncentered) SS   = {res}  1344355223{txt}{col 55}Uncentered R2 = {res} -0.0509
{txt}Residual SS             = {res}  1412721391{txt}{col 55}Root MSE      = {res}    2354

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    difprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} 152.1453{col 26}{space 2} 59.83287{col 37}{space 1}    2.54{col 46}{space 3}0.011{col 54}{space 4} 34.87503{col 67}{space 3} 269.4156
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  17.313
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  68.666
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 115.888
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}obyear1 obyear2 obyear3 obyear4 obyear5 obyear7
{col 23}distfuture _Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1691
{col 23}_Iyear_1692 _Iyear_1693 _Iyear_1694 _Iyear_1695
{col 23}_Iyear_1696 _Iyear_1697 _Iyear_1698 _Iyear_1700
{col 23}_Iyear_1704 _Iyear_1705 _Iyear_1706 _Iyear_1707
{col 23}_Iyear_1708 _Iyear_1709 _Iyear_1710 _Iyear_1711
{col 23}_Iyear_1712 _Iyear_1713 _Iyear_1714 _Iyear_1715
{col 23}_Iyear_1716 _Iyear_1717 _Iyear_1718 _Iyear_1719
{col 23}_Iyear_1720 _Iyear_1728 _Iyear_1731 _Iyear_1732
{col 23}_Iyear_1734 _Iyear_1735 _Iyear_1736 _Iyear_1737
{col 23}_Iyear_1738 _Iyear_1739 _Iyear_1740 _Iyear_1741
{col 23}_Iyear_1742 _Iyear_1744 _Iyear_1745 _Iyear_1746
{col 23}_Iyear_1747 _Iyear_1748 _Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 23}_Iyear_1733 _Iyear_1750 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}difprice {c |}{res}        301    858.2614    2876.595  -14719.95   16970.71
{txt}{stata `"shellout using `"Table3.tex"'"':Table3.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table3.txt""':seeout}
i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 21}_Iyear_1733 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       46{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.5
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730 _Iyear_1733
{col 16}_Iyear_1750 _Iyear_1751

First-stage regressions
{hline 23}


FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       46{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.5
{txt}{col 64}max{col 68}={col 70}{res}       13

{txt}First-stage regression of chshsold:

Statistics robust to heteroskedasticity and clustering on provcode
Number of obs = {col 31}{res}     301
{txt}Number of clusters (provcode) = {col 33}{res}    46
{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}    Robust
{col 1}       chshsold{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
totspanishdeath {c |}{col 17}{res}{space 2} 146.3336{col 29}{space 2} 13.59328{col 40}{space 1}   10.77{col 49}{space 3}0.000{col 57}{space 4}  119.529{col 70}{space 3} 173.1381
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
F test of excluded instruments:
  F(  1,    45) = {res}  115.89
{txt}  Prob > F      = {res}  0.0000
{help ivreg2##swstats:Sanderson-Windmeijer multivariate F test of excluded instruments:}
{txt}  F(  1,    45) = {res}  115.89
{txt}  Prob > F      = {res}  0.0000



{txt}Summary results for first-stage regressions
{hline 43}

{col 44}{help ivreg2##swstats:(Underid)}{col 65}{help ivreg2##swstats:(Weak id)}
Variable     |{col 16}{help ivreg2##swstats:F}({res}{col 17}  1{txt},{res}    45{txt})  P-val{col 37}|{col 39}{help ivreg2##swstats:SW Chi-sq}({res}  1{txt}) P-val{col 60}|{col 62}{help ivreg2##swstats:SW F}({res}{col 67}  1{txt},{res}    45{txt})
{res}chshsold    {col 14}{txt}|{col 18}{res}  115.89{col 28}  0.0000{col 37}{txt}|{col 42}{res}  144.47{col 51}  0.0000{col 60}{txt}|{col 65}{res}  115.89

{txt}NB: first-stage test statistics cluster-robust

Stock-Yogo weak ID F test critical values for single endogenous regressor:
{res}{txt}{col 36}10% maximal IV size{res}{col 67} 16.38
{txt}{col 36}15% maximal IV size{res}{col 67}  8.96
{txt}{col 36}20% maximal IV size{res}{col 67}  6.66
{txt}{col 36}25% maximal IV size{res}{col 67}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for i.i.d. errors only.

{help ivreg2##idtest:Underidentification test}
Ho: matrix of reduced form coefficients has rank=K1-1 (underidentified)
Ha: matrix has rank=K1 (identified)
{res}Kleibergen-Paap rk LM statistic{txt}{col 42}Chi-sq({res}1{txt})={res}17.31  {col 61}{txt}P-val={res}0.0000

{help ivreg2##widtest:Weak identification test}
{txt}Ho: equation is weakly identified
{res}Cragg-Donald Wald F statistic{col 65}   68.67
Kleibergen-Paap Wald rk F statistic{col 65}  115.89

{txt}Stock-Yogo weak ID test critical values for K1=1 and L1=1:
{res}{txt}{col 36}10% maximal IV size{res}{col 67} 16.38
{txt}{col 36}15% maximal IV size{res}{col 67}  8.96
{txt}{col 36}20% maximal IV size{res}{col 67}  6.66
{txt}{col 36}25% maximal IV size{res}{col 67}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.

{help ivreg2##wirobust:Weak-instrument-robust inference}
Tests of joint significance of endogenous regressors B1 in main equation
Ho: B1=0 and orthogonality conditions are valid
{res}Anderson-Rubin Wald test{txt}{col 36}F({res}1{txt},{res}45{txt})={col 49}{res}   9.42{col 61}{txt}P-val={res}0.0036
Anderson-Rubin Wald test{txt}{col 36}Chi-sq({res}1{txt})={col 49}{res}  11.74{col 61}{txt}P-val={res}0.0006
Stock-Wright LM S statistic{txt}{col 36}Chi-sq({res}1{txt})={col 49}{res}   5.84{col 61}{txt}P-val={res}0.0157

{txt}NB: Underidentification, weak identification and weak-identification-robust
    test statistics cluster-robust

Number of clusters             N_clust  = {res}        46
{txt}Number of observations               N  = {res}       301
{txt}Number of regressors                 K  = {res}         1
{txt}Number of endogenous regressors      K1 = {res}         1
{txt}Number of instruments                L  = {res}         1
{txt}Number of excluded instruments       L1 = {res}         1
{txt}Number of partialled-out regressors/IVs = {res}        54
{txt}NB: K & L do not included partialled-out variables

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    46{txt}{col 55}Number of obs = {res}     301
{txt}{col 55}F(  1,    45) = {res}    8.94
{txt}{col 55}Prob > F      = {res}  0.0045
{txt}Total (centered) SS     = {res} 28.17625342{txt}{col 55}Centered R2   = {res} -0.0115
{txt}Total (uncentered) SS   = {res} 28.17625342{txt}{col 55}Uncentered R2 = {res} -0.0115
{txt}Residual SS             = {res} 28.50149153{txt}{col 55}Root MSE      = {res}   .3343

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}     lgprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} .0166382{col 26}{space 2} .0049836{col 37}{space 1}    3.34{col 46}{space 3}0.001{col 54}{space 4} .0068705{col 67}{space 3}  .026406
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  17.313
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  68.666
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 115.888
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}obyear1 obyear2 obyear3 obyear4 obyear5 obyear7
{col 23}distfuture _Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1691
{col 23}_Iyear_1692 _Iyear_1693 _Iyear_1694 _Iyear_1695
{col 23}_Iyear_1696 _Iyear_1697 _Iyear_1698 _Iyear_1700
{col 23}_Iyear_1704 _Iyear_1705 _Iyear_1706 _Iyear_1707
{col 23}_Iyear_1708 _Iyear_1709 _Iyear_1710 _Iyear_1711
{col 23}_Iyear_1712 _Iyear_1713 _Iyear_1714 _Iyear_1715
{col 23}_Iyear_1716 _Iyear_1717 _Iyear_1718 _Iyear_1719
{col 23}_Iyear_1720 _Iyear_1728 _Iyear_1731 _Iyear_1732
{col 23}_Iyear_1734 _Iyear_1735 _Iyear_1736 _Iyear_1737
{col 23}_Iyear_1738 _Iyear_1739 _Iyear_1740 _Iyear_1741
{col 23}_Iyear_1742 _Iyear_1744 _Iyear_1745 _Iyear_1746
{col 23}_Iyear_1747 _Iyear_1748 _Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 23}_Iyear_1733 _Iyear_1750 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 5}lgprice {c |}{res}        301    .1435135    .4284629  -1.252763   1.203973
{txt}{stata `"shellout using `"Table3.tex"'"':Table3.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table3.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. 
. 
. #delimit;
{txt}delimiter now ;
{com}. local replace append;
{txt}
{com}. foreach var of varlist difprice lgprice {c -(};
{txt}  2{com}. xi: xtivreg2 `var' (chshspain = totspanishdeath) obyear1-obyear8 i.year distfuture if distfuture<=9, fe cluster(provcode) first
>  partial (obyear* distfuture _I*);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. local fstat = e(widstat);
{txt}  6{com}. outreg2 using  Table3.tex, `replace' dec(2) nocons noni nor
> adds("Provinces", e(N_clust), "Mean DV", `mean', "F-Stat", `fstat');
{txt}  7{com}. local replace;
{txt}  8{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 21}_Iyear_1733 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       46{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.5
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730 _Iyear_1733
{col 16}_Iyear_1750 _Iyear_1751

First-stage regressions
{hline 23}


FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       46{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.5
{txt}{col 64}max{col 68}={col 70}{res}       13

{txt}First-stage regression of chshspain:

Statistics robust to heteroskedasticity and clustering on provcode
Number of obs = {col 31}{res}     301
{txt}Number of clusters (provcode) = {col 33}{res}    46
{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}    Robust
{col 1}      chshspain{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
totspanishdeath {c |}{col 17}{res}{space 2}  -146.11{col 29}{space 2} 13.54315{col 40}{space 1}  -10.79{col 49}{space 3}0.000{col 57}{space 4}-172.8156{col 70}{space 3}-119.4043
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
F test of excluded instruments:
  F(  1,    45) = {res}  116.39
{txt}  Prob > F      = {res}  0.0000
{help ivreg2##swstats:Sanderson-Windmeijer multivariate F test of excluded instruments:}
{txt}  F(  1,    45) = {res}  116.39
{txt}  Prob > F      = {res}  0.0000



{txt}Summary results for first-stage regressions
{hline 43}

{col 44}{help ivreg2##swstats:(Underid)}{col 65}{help ivreg2##swstats:(Weak id)}
Variable     |{col 16}{help ivreg2##swstats:F}({res}{col 17}  1{txt},{res}    45{txt})  P-val{col 37}|{col 39}{help ivreg2##swstats:SW Chi-sq}({res}  1{txt}) P-val{col 60}|{col 62}{help ivreg2##swstats:SW F}({res}{col 67}  1{txt},{res}    45{txt})
{res}chshspain   {col 14}{txt}|{col 18}{res}  116.39{col 28}  0.0000{col 37}{txt}|{col 42}{res}  145.09{col 51}  0.0000{col 60}{txt}|{col 65}{res}  116.39

{txt}NB: first-stage test statistics cluster-robust

Stock-Yogo weak ID F test critical values for single endogenous regressor:
{res}{txt}{col 36}10% maximal IV size{res}{col 67} 16.38
{txt}{col 36}15% maximal IV size{res}{col 67}  8.96
{txt}{col 36}20% maximal IV size{res}{col 67}  6.66
{txt}{col 36}25% maximal IV size{res}{col 67}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for i.i.d. errors only.

{help ivreg2##idtest:Underidentification test}
Ho: matrix of reduced form coefficients has rank=K1-1 (underidentified)
Ha: matrix has rank=K1 (identified)
{res}Kleibergen-Paap rk LM statistic{txt}{col 42}Chi-sq({res}1{txt})={res}17.57  {col 61}{txt}P-val={res}0.0000

{help ivreg2##widtest:Weak identification test}
{txt}Ho: equation is weakly identified
{res}Cragg-Donald Wald F statistic{col 65}   65.45
Kleibergen-Paap Wald rk F statistic{col 65}  116.39

{txt}Stock-Yogo weak ID test critical values for K1=1 and L1=1:
{res}{txt}{col 36}10% maximal IV size{res}{col 67} 16.38
{txt}{col 36}15% maximal IV size{res}{col 67}  8.96
{txt}{col 36}20% maximal IV size{res}{col 67}  6.66
{txt}{col 36}25% maximal IV size{res}{col 67}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.

{help ivreg2##wirobust:Weak-instrument-robust inference}
Tests of joint significance of endogenous regressors B1 in main equation
Ho: B1=0 and orthogonality conditions are valid
{res}Anderson-Rubin Wald test{txt}{col 36}F({res}1{txt},{res}45{txt})={col 49}{res}   5.07{col 61}{txt}P-val={res}0.0293
Anderson-Rubin Wald test{txt}{col 36}Chi-sq({res}1{txt})={col 49}{res}   6.32{col 61}{txt}P-val={res}0.0119
Stock-Wright LM S statistic{txt}{col 36}Chi-sq({res}1{txt})={col 49}{res}   4.13{col 61}{txt}P-val={res}0.0420

{txt}NB: Underidentification, weak identification and weak-identification-robust
    test statistics cluster-robust

Number of clusters             N_clust  = {res}        46
{txt}Number of observations               N  = {res}       301
{txt}Number of regressors                 K  = {res}         1
{txt}Number of endogenous regressors      K1 = {res}         1
{txt}Number of instruments                L  = {res}         1
{txt}Number of excluded instruments       L1 = {res}         1
{txt}Number of partialled-out regressors/IVs = {res}        54
{txt}NB: K & L do not included partialled-out variables

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    46{txt}{col 55}Number of obs = {res}     301
{txt}{col 55}F(  1,    45) = {res}    5.33
{txt}{col 55}Prob > F      = {res}  0.0256
{txt}Total (centered) SS     = {res}  1344355223{txt}{col 55}Centered R2   = {res} -0.0316
{txt}Total (uncentered) SS   = {res}  1344355223{txt}{col 55}Uncentered R2 = {res} -0.0316
{txt}Residual SS             = {res}  1386836572{txt}{col 55}Root MSE      = {res}    2332

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    difprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}chshspain {c |}{col 14}{res}{space 2}-152.3781{col 26}{space 2} 59.11002{col 37}{space 1}   -2.58{col 46}{space 3}0.010{col 54}{space 4}-268.2316{col 67}{space 3}-36.52462
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  17.566
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  65.447
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 116.391
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshspain
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}obyear1 obyear2 obyear3 obyear4 obyear5 obyear7
{col 23}distfuture _Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1691
{col 23}_Iyear_1692 _Iyear_1693 _Iyear_1694 _Iyear_1695
{col 23}_Iyear_1696 _Iyear_1697 _Iyear_1698 _Iyear_1700
{col 23}_Iyear_1704 _Iyear_1705 _Iyear_1706 _Iyear_1707
{col 23}_Iyear_1708 _Iyear_1709 _Iyear_1710 _Iyear_1711
{col 23}_Iyear_1712 _Iyear_1713 _Iyear_1714 _Iyear_1715
{col 23}_Iyear_1716 _Iyear_1717 _Iyear_1718 _Iyear_1719
{col 23}_Iyear_1720 _Iyear_1728 _Iyear_1731 _Iyear_1732
{col 23}_Iyear_1734 _Iyear_1735 _Iyear_1736 _Iyear_1737
{col 23}_Iyear_1738 _Iyear_1739 _Iyear_1740 _Iyear_1741
{col 23}_Iyear_1742 _Iyear_1744 _Iyear_1745 _Iyear_1746
{col 23}_Iyear_1747 _Iyear_1748 _Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 23}_Iyear_1733 _Iyear_1750 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}difprice {c |}{res}        301    858.2614    2876.595  -14719.95   16970.71
{txt}{stata `"shellout using `"Table3.tex"'"':Table3.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table3.txt""':seeout}
i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 21}_Iyear_1733 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       46{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.5
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730 _Iyear_1733
{col 16}_Iyear_1750 _Iyear_1751

First-stage regressions
{hline 23}


FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       46{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.5
{txt}{col 64}max{col 68}={col 70}{res}       13

{txt}First-stage regression of chshspain:

Statistics robust to heteroskedasticity and clustering on provcode
Number of obs = {col 31}{res}     301
{txt}Number of clusters (provcode) = {col 33}{res}    46
{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}    Robust
{col 1}      chshspain{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
totspanishdeath {c |}{col 17}{res}{space 2}  -146.11{col 29}{space 2} 13.54315{col 40}{space 1}  -10.79{col 49}{space 3}0.000{col 57}{space 4}-172.8156{col 70}{space 3}-119.4043
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
F test of excluded instruments:
  F(  1,    45) = {res}  116.39
{txt}  Prob > F      = {res}  0.0000
{help ivreg2##swstats:Sanderson-Windmeijer multivariate F test of excluded instruments:}
{txt}  F(  1,    45) = {res}  116.39
{txt}  Prob > F      = {res}  0.0000



{txt}Summary results for first-stage regressions
{hline 43}

{col 44}{help ivreg2##swstats:(Underid)}{col 65}{help ivreg2##swstats:(Weak id)}
Variable     |{col 16}{help ivreg2##swstats:F}({res}{col 17}  1{txt},{res}    45{txt})  P-val{col 37}|{col 39}{help ivreg2##swstats:SW Chi-sq}({res}  1{txt}) P-val{col 60}|{col 62}{help ivreg2##swstats:SW F}({res}{col 67}  1{txt},{res}    45{txt})
{res}chshspain   {col 14}{txt}|{col 18}{res}  116.39{col 28}  0.0000{col 37}{txt}|{col 42}{res}  145.09{col 51}  0.0000{col 60}{txt}|{col 65}{res}  116.39

{txt}NB: first-stage test statistics cluster-robust

Stock-Yogo weak ID F test critical values for single endogenous regressor:
{res}{txt}{col 36}10% maximal IV size{res}{col 67} 16.38
{txt}{col 36}15% maximal IV size{res}{col 67}  8.96
{txt}{col 36}20% maximal IV size{res}{col 67}  6.66
{txt}{col 36}25% maximal IV size{res}{col 67}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for i.i.d. errors only.

{help ivreg2##idtest:Underidentification test}
Ho: matrix of reduced form coefficients has rank=K1-1 (underidentified)
Ha: matrix has rank=K1 (identified)
{res}Kleibergen-Paap rk LM statistic{txt}{col 42}Chi-sq({res}1{txt})={res}17.57  {col 61}{txt}P-val={res}0.0000

{help ivreg2##widtest:Weak identification test}
{txt}Ho: equation is weakly identified
{res}Cragg-Donald Wald F statistic{col 65}   65.45
Kleibergen-Paap Wald rk F statistic{col 65}  116.39

{txt}Stock-Yogo weak ID test critical values for K1=1 and L1=1:
{res}{txt}{col 36}10% maximal IV size{res}{col 67} 16.38
{txt}{col 36}15% maximal IV size{res}{col 67}  8.96
{txt}{col 36}20% maximal IV size{res}{col 67}  6.66
{txt}{col 36}25% maximal IV size{res}{col 67}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.

{help ivreg2##wirobust:Weak-instrument-robust inference}
Tests of joint significance of endogenous regressors B1 in main equation
Ho: B1=0 and orthogonality conditions are valid
{res}Anderson-Rubin Wald test{txt}{col 36}F({res}1{txt},{res}45{txt})={col 49}{res}   9.42{col 61}{txt}P-val={res}0.0036
Anderson-Rubin Wald test{txt}{col 36}Chi-sq({res}1{txt})={col 49}{res}  11.74{col 61}{txt}P-val={res}0.0006
Stock-Wright LM S statistic{txt}{col 36}Chi-sq({res}1{txt})={col 49}{res}   5.84{col 61}{txt}P-val={res}0.0157

{txt}NB: Underidentification, weak identification and weak-identification-robust
    test statistics cluster-robust

Number of clusters             N_clust  = {res}        46
{txt}Number of observations               N  = {res}       301
{txt}Number of regressors                 K  = {res}         1
{txt}Number of endogenous regressors      K1 = {res}         1
{txt}Number of instruments                L  = {res}         1
{txt}Number of excluded instruments       L1 = {res}         1
{txt}Number of partialled-out regressors/IVs = {res}        54
{txt}NB: K & L do not included partialled-out variables

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    46{txt}{col 55}Number of obs = {res}     301
{txt}{col 55}F(  1,    45) = {res}    8.95
{txt}{col 55}Prob > F      = {res}  0.0045
{txt}Total (centered) SS     = {res} 28.17625342{txt}{col 55}Centered R2   = {res} -0.0020
{txt}Total (uncentered) SS   = {res} 28.17625342{txt}{col 55}Uncentered R2 = {res} -0.0020
{txt}Residual SS             = {res} 28.23352851{txt}{col 55}Root MSE      = {res}   .3327

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}     lgprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}chshspain {c |}{col 14}{res}{space 2}-.0166637{col 26}{space 2} .0049884{col 37}{space 1}   -3.34{col 46}{space 3}0.001{col 54}{space 4}-.0264408{col 67}{space 3}-.0068865
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  17.566
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  65.447
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 116.391
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshspain
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}obyear1 obyear2 obyear3 obyear4 obyear5 obyear7
{col 23}distfuture _Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1691
{col 23}_Iyear_1692 _Iyear_1693 _Iyear_1694 _Iyear_1695
{col 23}_Iyear_1696 _Iyear_1697 _Iyear_1698 _Iyear_1700
{col 23}_Iyear_1704 _Iyear_1705 _Iyear_1706 _Iyear_1707
{col 23}_Iyear_1708 _Iyear_1709 _Iyear_1710 _Iyear_1711
{col 23}_Iyear_1712 _Iyear_1713 _Iyear_1714 _Iyear_1715
{col 23}_Iyear_1716 _Iyear_1717 _Iyear_1718 _Iyear_1719
{col 23}_Iyear_1720 _Iyear_1728 _Iyear_1731 _Iyear_1732
{col 23}_Iyear_1734 _Iyear_1735 _Iyear_1736 _Iyear_1737
{col 23}_Iyear_1738 _Iyear_1739 _Iyear_1740 _Iyear_1741
{col 23}_Iyear_1742 _Iyear_1744 _Iyear_1745 _Iyear_1746
{col 23}_Iyear_1747 _Iyear_1748 _Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 23}_Iyear_1733 _Iyear_1750 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 5}lgprice {c |}{res}        301    .1435135    .4284629  -1.252763   1.203973
{txt}{stata `"shellout using `"Table3.tex"'"':Table3.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table3.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. 
. *composition data
. 
. use composition.dta, clear
{txt}
{com}. 
. 
. #delimit;
{txt}delimiter now ;
{com}. local replace append;
{txt}
{com}. foreach var of varlist difprice lgprice {c -(};
{txt}  2{com}. xi: xtivreg2 `var' (chshspain = totspanishdeath) obyear1-obyear8 i.year distfuture if distfuture<=9, fe cluster(provcode) first
>  partial (obyear* distfuture _I*);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. local fstat = e(widstat);
{txt}  6{com}. outreg2 using  Table3.tex, `replace' dec(2) nocons noni nor
> adds("Provinces", e(N_clust), "Mean DV", `mean', "F-Stat", `fstat');
{txt}  7{com}. local replace;
{txt}  8{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 21}_Iyear_1733 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       46{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.5
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730 _Iyear_1733
{col 16}_Iyear_1750 _Iyear_1751

First-stage regressions
{hline 23}


FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       46{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.5
{txt}{col 64}max{col 68}={col 70}{res}       13

{txt}First-stage regression of chshspain:

Statistics robust to heteroskedasticity and clustering on provcode
Number of obs = {col 31}{res}     301
{txt}Number of clusters (provcode) = {col 33}{res}    46
{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}    Robust
{col 1}      chshspain{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
totspanishdeath {c |}{col 17}{res}{space 2}-37.56215{col 29}{space 2} 8.809902{col 40}{space 1}   -4.26{col 49}{space 3}0.000{col 57}{space 4}-54.93437{col 70}{space 3}-20.18994
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
F test of excluded instruments:
  F(  1,    45) = {res}   18.18
{txt}  Prob > F      = {res}  0.0001
{help ivreg2##swstats:Sanderson-Windmeijer multivariate F test of excluded instruments:}
{txt}  F(  1,    45) = {res}   18.18
{txt}  Prob > F      = {res}  0.0001



{txt}Summary results for first-stage regressions
{hline 43}

{col 44}{help ivreg2##swstats:(Underid)}{col 65}{help ivreg2##swstats:(Weak id)}
Variable     |{col 16}{help ivreg2##swstats:F}({res}{col 17}  1{txt},{res}    45{txt})  P-val{col 37}|{col 39}{help ivreg2##swstats:SW Chi-sq}({res}  1{txt}) P-val{col 60}|{col 62}{help ivreg2##swstats:SW F}({res}{col 67}  1{txt},{res}    45{txt})
{res}chshspain   {col 14}{txt}|{col 18}{res}   18.18{col 28}  0.0001{col 37}{txt}|{col 42}{res}   22.66{col 51}  0.0000{col 60}{txt}|{col 65}{res}   18.18

{txt}NB: first-stage test statistics cluster-robust

Stock-Yogo weak ID F test critical values for single endogenous regressor:
{res}{txt}{col 36}10% maximal IV size{res}{col 67} 16.38
{txt}{col 36}15% maximal IV size{res}{col 67}  8.96
{txt}{col 36}20% maximal IV size{res}{col 67}  6.66
{txt}{col 36}25% maximal IV size{res}{col 67}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for i.i.d. errors only.

{help ivreg2##idtest:Underidentification test}
Ho: matrix of reduced form coefficients has rank=K1-1 (underidentified)
Ha: matrix has rank=K1 (identified)
{res}Kleibergen-Paap rk LM statistic{txt}{col 42}Chi-sq({res}1{txt})={res}9.69   {col 61}{txt}P-val={res}0.0018

{help ivreg2##widtest:Weak identification test}
{txt}Ho: equation is weakly identified
{res}Cragg-Donald Wald F statistic{col 65}   13.26
Kleibergen-Paap Wald rk F statistic{col 65}   18.18

{txt}Stock-Yogo weak ID test critical values for K1=1 and L1=1:
{res}{txt}{col 36}10% maximal IV size{res}{col 67} 16.38
{txt}{col 36}15% maximal IV size{res}{col 67}  8.96
{txt}{col 36}20% maximal IV size{res}{col 67}  6.66
{txt}{col 36}25% maximal IV size{res}{col 67}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.

{help ivreg2##wirobust:Weak-instrument-robust inference}
Tests of joint significance of endogenous regressors B1 in main equation
Ho: B1=0 and orthogonality conditions are valid
{res}Anderson-Rubin Wald test{txt}{col 36}F({res}1{txt},{res}45{txt})={col 49}{res}   5.21{col 61}{txt}P-val={res}0.0273
Anderson-Rubin Wald test{txt}{col 36}Chi-sq({res}1{txt})={col 49}{res}   6.49{col 61}{txt}P-val={res}0.0108
Stock-Wright LM S statistic{txt}{col 36}Chi-sq({res}1{txt})={col 49}{res}   4.19{col 61}{txt}P-val={res}0.0406

{txt}NB: Underidentification, weak identification and weak-identification-robust
    test statistics cluster-robust

Number of clusters             N_clust  = {res}        46
{txt}Number of observations               N  = {res}       301
{txt}Number of regressors                 K  = {res}         1
{txt}Number of endogenous regressors      K1 = {res}         1
{txt}Number of instruments                L  = {res}         1
{txt}Number of excluded instruments       L1 = {res}         1
{txt}Number of partialled-out regressors/IVs = {res}        54
{txt}NB: K & L do not included partialled-out variables

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    46{txt}{col 55}Number of obs = {res}     301
{txt}{col 55}F(  1,    45) = {res}    5.54
{txt}{col 55}Prob > F      = {res}  0.0230
{txt}Total (centered) SS     = {res}  1344355223{txt}{col 55}Centered R2   = {res} -0.9442
{txt}Total (uncentered) SS   = {res}  1344355223{txt}{col 55}Uncentered R2 = {res} -0.9442
{txt}Residual SS             = {res}  2613723106{txt}{col 55}Root MSE      = {res}    3202

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    difprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}chshspain {c |}{col 14}{res}{space 2}-653.0797{col 26}{space 2} 248.5017{col 37}{space 1}   -2.63{col 46}{space 3}0.009{col 54}{space 4}-1140.134{col 67}{space 3}-166.0253
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}   9.693
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0018
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  13.258
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  18.179
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshspain
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}obyear1 obyear2 obyear3 obyear4 obyear5 obyear7
{col 23}distfuture _Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1691
{col 23}_Iyear_1692 _Iyear_1693 _Iyear_1694 _Iyear_1695
{col 23}_Iyear_1696 _Iyear_1697 _Iyear_1698 _Iyear_1700
{col 23}_Iyear_1704 _Iyear_1705 _Iyear_1706 _Iyear_1707
{col 23}_Iyear_1708 _Iyear_1709 _Iyear_1710 _Iyear_1711
{col 23}_Iyear_1712 _Iyear_1713 _Iyear_1714 _Iyear_1715
{col 23}_Iyear_1716 _Iyear_1717 _Iyear_1718 _Iyear_1719
{col 23}_Iyear_1720 _Iyear_1728 _Iyear_1731 _Iyear_1732
{col 23}_Iyear_1734 _Iyear_1735 _Iyear_1736 _Iyear_1737
{col 23}_Iyear_1738 _Iyear_1739 _Iyear_1740 _Iyear_1741
{col 23}_Iyear_1742 _Iyear_1744 _Iyear_1745 _Iyear_1746
{col 23}_Iyear_1747 _Iyear_1748 _Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 23}_Iyear_1733 _Iyear_1750 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}difprice {c |}{res}        301    858.2614    2876.595  -14719.95   16970.71
{txt}{stata `"shellout using `"Table3.tex"'"':Table3.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table3.txt""':seeout}
i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 21}_Iyear_1733 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       46{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.5
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730 _Iyear_1733
{col 16}_Iyear_1750 _Iyear_1751

First-stage regressions
{hline 23}


FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       46{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.5
{txt}{col 64}max{col 68}={col 70}{res}       13

{txt}First-stage regression of chshspain:

Statistics robust to heteroskedasticity and clustering on provcode
Number of obs = {col 31}{res}     301
{txt}Number of clusters (provcode) = {col 33}{res}    46
{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}    Robust
{col 1}      chshspain{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
totspanishdeath {c |}{col 17}{res}{space 2}-37.56215{col 29}{space 2} 8.809902{col 40}{space 1}   -4.26{col 49}{space 3}0.000{col 57}{space 4}-54.93437{col 70}{space 3}-20.18994
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
F test of excluded instruments:
  F(  1,    45) = {res}   18.18
{txt}  Prob > F      = {res}  0.0001
{help ivreg2##swstats:Sanderson-Windmeijer multivariate F test of excluded instruments:}
{txt}  F(  1,    45) = {res}   18.18
{txt}  Prob > F      = {res}  0.0001



{txt}Summary results for first-stage regressions
{hline 43}

{col 44}{help ivreg2##swstats:(Underid)}{col 65}{help ivreg2##swstats:(Weak id)}
Variable     |{col 16}{help ivreg2##swstats:F}({res}{col 17}  1{txt},{res}    45{txt})  P-val{col 37}|{col 39}{help ivreg2##swstats:SW Chi-sq}({res}  1{txt}) P-val{col 60}|{col 62}{help ivreg2##swstats:SW F}({res}{col 67}  1{txt},{res}    45{txt})
{res}chshspain   {col 14}{txt}|{col 18}{res}   18.18{col 28}  0.0001{col 37}{txt}|{col 42}{res}   22.66{col 51}  0.0000{col 60}{txt}|{col 65}{res}   18.18

{txt}NB: first-stage test statistics cluster-robust

Stock-Yogo weak ID F test critical values for single endogenous regressor:
{res}{txt}{col 36}10% maximal IV size{res}{col 67} 16.38
{txt}{col 36}15% maximal IV size{res}{col 67}  8.96
{txt}{col 36}20% maximal IV size{res}{col 67}  6.66
{txt}{col 36}25% maximal IV size{res}{col 67}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for i.i.d. errors only.

{help ivreg2##idtest:Underidentification test}
Ho: matrix of reduced form coefficients has rank=K1-1 (underidentified)
Ha: matrix has rank=K1 (identified)
{res}Kleibergen-Paap rk LM statistic{txt}{col 42}Chi-sq({res}1{txt})={res}9.69   {col 61}{txt}P-val={res}0.0018

{help ivreg2##widtest:Weak identification test}
{txt}Ho: equation is weakly identified
{res}Cragg-Donald Wald F statistic{col 65}   13.26
Kleibergen-Paap Wald rk F statistic{col 65}   18.18

{txt}Stock-Yogo weak ID test critical values for K1=1 and L1=1:
{res}{txt}{col 36}10% maximal IV size{res}{col 67} 16.38
{txt}{col 36}15% maximal IV size{res}{col 67}  8.96
{txt}{col 36}20% maximal IV size{res}{col 67}  6.66
{txt}{col 36}25% maximal IV size{res}{col 67}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.

{help ivreg2##wirobust:Weak-instrument-robust inference}
Tests of joint significance of endogenous regressors B1 in main equation
Ho: B1=0 and orthogonality conditions are valid
{res}Anderson-Rubin Wald test{txt}{col 36}F({res}1{txt},{res}45{txt})={col 49}{res}   9.77{col 61}{txt}P-val={res}0.0031
Anderson-Rubin Wald test{txt}{col 36}Chi-sq({res}1{txt})={col 49}{res}  12.18{col 61}{txt}P-val={res}0.0005
Stock-Wright LM S statistic{txt}{col 36}Chi-sq({res}1{txt})={col 49}{res}   5.95{col 61}{txt}P-val={res}0.0147

{txt}NB: Underidentification, weak identification and weak-identification-robust
    test statistics cluster-robust

Number of clusters             N_clust  = {res}        46
{txt}Number of observations               N  = {res}       301
{txt}Number of regressors                 K  = {res}         1
{txt}Number of endogenous regressors      K1 = {res}         1
{txt}Number of instruments                L  = {res}         1
{txt}Number of excluded instruments       L1 = {res}         1
{txt}Number of partialled-out regressors/IVs = {res}        54
{txt}NB: K & L do not included partialled-out variables

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    46{txt}{col 55}Number of obs = {res}     301
{txt}{col 55}F(  1,    45) = {res}    6.87
{txt}{col 55}Prob > F      = {res}  0.0119
{txt}Total (centered) SS     = {res} 28.17625342{txt}{col 55}Centered R2   = {res} -0.6255
{txt}Total (uncentered) SS   = {res} 28.17625342{txt}{col 55}Uncentered R2 = {res} -0.6255
{txt}Residual SS             = {res} 45.79939304{txt}{col 55}Root MSE      = {res}   .4238

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}     lgprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}chshspain {c |}{col 14}{res}{space 2}-.0718619{col 26}{space 2} .0245552{col 37}{space 1}   -2.93{col 46}{space 3}0.003{col 54}{space 4}-.1199892{col 67}{space 3}-.0237346
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}   9.693
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0018
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  13.258
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  18.179
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshspain
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}obyear1 obyear2 obyear3 obyear4 obyear5 obyear7
{col 23}distfuture _Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1691
{col 23}_Iyear_1692 _Iyear_1693 _Iyear_1694 _Iyear_1695
{col 23}_Iyear_1696 _Iyear_1697 _Iyear_1698 _Iyear_1700
{col 23}_Iyear_1704 _Iyear_1705 _Iyear_1706 _Iyear_1707
{col 23}_Iyear_1708 _Iyear_1709 _Iyear_1710 _Iyear_1711
{col 23}_Iyear_1712 _Iyear_1713 _Iyear_1714 _Iyear_1715
{col 23}_Iyear_1716 _Iyear_1717 _Iyear_1718 _Iyear_1719
{col 23}_Iyear_1720 _Iyear_1728 _Iyear_1731 _Iyear_1732
{col 23}_Iyear_1734 _Iyear_1735 _Iyear_1736 _Iyear_1737
{col 23}_Iyear_1738 _Iyear_1739 _Iyear_1740 _Iyear_1741
{col 23}_Iyear_1742 _Iyear_1744 _Iyear_1745 _Iyear_1746
{col 23}_Iyear_1747 _Iyear_1748 _Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 23}_Iyear_1733 _Iyear_1750 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 5}lgprice {c |}{res}        301    .1435135    .4284629  -1.252763   1.203973
{txt}{stata `"shellout using `"Table3.tex"'"':Table3.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table3.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. 
. *******************
. ***TABLE 4: Other Outcomes (Uprisings) 
. *******************
. 
. *new members data
. 
. use newmembersdata, clear
{txt}
{com}. 
. 
. #delimit;
{txt}delimiter now ;
{com}. local replace replace;
{txt}
{com}. foreach var of varlist chanyreb chgovreb {c -(};
{txt}  2{com}. xi: xtivreg2 `var' (chshsold = totspanishdeath) obyear1-obyear8 i.year distfuture if distfuture<=9, fe  cluster(provcode)
>  partial (distfuture obyear* _I*);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. local fstat = e(widstat);
{txt}  6{com}. outreg2 using  Table4.tex, `replace' dec(3) nocons noni nor
> adds("Provinces", e(N_clust), "Mean DV", `mean', "F-Stat", `fstat');
{txt}  7{com}. local replace append;
{txt}  8{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 21}_Iyear_1733 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       46{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.5
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730 _Iyear_1733
{col 16}_Iyear_1750 _Iyear_1751

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    46{txt}{col 55}Number of obs = {res}     301
{txt}{col 55}F(  1,    45) = {res}    3.83
{txt}{col 55}Prob > F      = {res}  0.0564
{txt}Total (centered) SS     = {res}   19.586904{txt}{col 55}Centered R2   = {res} -0.0760
{txt}Total (uncentered) SS   = {res}   19.586904{txt}{col 55}Uncentered R2 = {res} -0.0760
{txt}Residual SS             = {res} 21.07460918{txt}{col 55}Root MSE      = {res}   .2875

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    chanyreb{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} .0127651{col 26}{space 2} .0058388{col 37}{space 1}    2.19{col 46}{space 3}0.029{col 54}{space 4} .0013213{col 67}{space 3} .0242089
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  17.313
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  68.666
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 115.888
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}distfuture obyear1 obyear2 obyear3 obyear4 obyear5
{col 23}obyear7 _Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1691
{col 23}_Iyear_1692 _Iyear_1693 _Iyear_1694 _Iyear_1695
{col 23}_Iyear_1696 _Iyear_1697 _Iyear_1698 _Iyear_1700
{col 23}_Iyear_1704 _Iyear_1705 _Iyear_1706 _Iyear_1707
{col 23}_Iyear_1708 _Iyear_1709 _Iyear_1710 _Iyear_1711
{col 23}_Iyear_1712 _Iyear_1713 _Iyear_1714 _Iyear_1715
{col 23}_Iyear_1716 _Iyear_1717 _Iyear_1718 _Iyear_1719
{col 23}_Iyear_1720 _Iyear_1728 _Iyear_1731 _Iyear_1732
{col 23}_Iyear_1734 _Iyear_1735 _Iyear_1736 _Iyear_1737
{col 23}_Iyear_1738 _Iyear_1739 _Iyear_1740 _Iyear_1741
{col 23}_Iyear_1742 _Iyear_1744 _Iyear_1745 _Iyear_1746
{col 23}_Iyear_1747 _Iyear_1748 _Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 23}_Iyear_1733 _Iyear_1750 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}chanyreb {c |}{res}        301   -.0066445    .2943168         -1          1
{txt}{stata `"shellout using `"Table4.tex"'"':Table4.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table4.txt""':seeout}
i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 21}_Iyear_1733 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       46{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.5
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730 _Iyear_1733
{col 16}_Iyear_1750 _Iyear_1751

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    46{txt}{col 55}Number of obs = {res}     301
{txt}{col 55}F(  1,    45) = {res}    1.04
{txt}{col 55}Prob > F      = {res}  0.3133
{txt}Total (centered) SS     = {res} 16.04951558{txt}{col 55}Centered R2   = {res} -0.0141
{txt}Total (uncentered) SS   = {res} 16.04951558{txt}{col 55}Uncentered R2 = {res} -0.0141
{txt}Residual SS             = {res} 16.27620684{txt}{col 55}Root MSE      = {res}   .2526

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    chgovreb{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} .0040993{col 26}{space 2} .0036006{col 37}{space 1}    1.14{col 46}{space 3}0.255{col 54}{space 4}-.0029579{col 67}{space 3} .0111564
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  17.313
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  68.666
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 115.888
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}distfuture obyear1 obyear2 obyear3 obyear4 obyear5
{col 23}obyear7 _Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1691
{col 23}_Iyear_1692 _Iyear_1693 _Iyear_1694 _Iyear_1695
{col 23}_Iyear_1696 _Iyear_1697 _Iyear_1698 _Iyear_1700
{col 23}_Iyear_1704 _Iyear_1705 _Iyear_1706 _Iyear_1707
{col 23}_Iyear_1708 _Iyear_1709 _Iyear_1710 _Iyear_1711
{col 23}_Iyear_1712 _Iyear_1713 _Iyear_1714 _Iyear_1715
{col 23}_Iyear_1716 _Iyear_1717 _Iyear_1718 _Iyear_1719
{col 23}_Iyear_1720 _Iyear_1728 _Iyear_1731 _Iyear_1732
{col 23}_Iyear_1734 _Iyear_1735 _Iyear_1736 _Iyear_1737
{col 23}_Iyear_1738 _Iyear_1739 _Iyear_1740 _Iyear_1741
{col 23}_Iyear_1742 _Iyear_1744 _Iyear_1745 _Iyear_1746
{col 23}_Iyear_1747 _Iyear_1748 _Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 23}_Iyear_1733 _Iyear_1750 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}chgovreb {c |}{res}        301   -.0033223    .2516391         -1          1
{txt}{stata `"shellout using `"Table4.tex"'"':Table4.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table4.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. 
. #delimit;
{txt}delimiter now ;
{com}. local replace append;
{txt}
{com}. foreach var of varlist chanyreb chgovreb {c -(};
{txt}  2{com}. xi: xtivreg2 `var' (chshspain = totspanishdeath) obyear1-obyear8 i.year distfuture if distfuture<=9, fe  cluster(provcode)
>  partial (distfuture obyear* _I*);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. local fstat = e(widstat);
{txt}  6{com}. outreg2 using  Table4.tex, `replace' dec(3) nocons noni nor
> adds("Provinces", e(N_clust), "Mean DV", `mean', "F-Stat", `fstat');
{txt}  7{com}. local replace append;
{txt}  8{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 21}_Iyear_1733 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       46{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.5
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730 _Iyear_1733
{col 16}_Iyear_1750 _Iyear_1751

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    46{txt}{col 55}Number of obs = {res}     301
{txt}{col 55}F(  1,    45) = {res}    3.79
{txt}{col 55}Prob > F      = {res}  0.0577
{txt}Total (centered) SS     = {res}   19.586904{txt}{col 55}Centered R2   = {res} -0.0896
{txt}Total (uncentered) SS   = {res}   19.586904{txt}{col 55}Uncentered R2 = {res} -0.0896
{txt}Residual SS             = {res} 21.34154334{txt}{col 55}Root MSE      = {res}   .2893

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    chanyreb{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}chshspain {c |}{col 14}{res}{space 2}-.0127847{col 26}{space 2} .0058789{col 37}{space 1}   -2.17{col 46}{space 3}0.030{col 54}{space 4}-.0243071{col 67}{space 3}-.0012622
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  17.566
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  65.447
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 116.391
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshspain
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}distfuture obyear1 obyear2 obyear3 obyear4 obyear5
{col 23}obyear7 _Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1691
{col 23}_Iyear_1692 _Iyear_1693 _Iyear_1694 _Iyear_1695
{col 23}_Iyear_1696 _Iyear_1697 _Iyear_1698 _Iyear_1700
{col 23}_Iyear_1704 _Iyear_1705 _Iyear_1706 _Iyear_1707
{col 23}_Iyear_1708 _Iyear_1709 _Iyear_1710 _Iyear_1711
{col 23}_Iyear_1712 _Iyear_1713 _Iyear_1714 _Iyear_1715
{col 23}_Iyear_1716 _Iyear_1717 _Iyear_1718 _Iyear_1719
{col 23}_Iyear_1720 _Iyear_1728 _Iyear_1731 _Iyear_1732
{col 23}_Iyear_1734 _Iyear_1735 _Iyear_1736 _Iyear_1737
{col 23}_Iyear_1738 _Iyear_1739 _Iyear_1740 _Iyear_1741
{col 23}_Iyear_1742 _Iyear_1744 _Iyear_1745 _Iyear_1746
{col 23}_Iyear_1747 _Iyear_1748 _Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 23}_Iyear_1733 _Iyear_1750 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}chanyreb {c |}{res}        301   -.0066445    .2943168         -1          1
{txt}{stata `"shellout using `"Table4.tex"'"':Table4.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table4.txt""':seeout}
i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 21}_Iyear_1733 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       46{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.5
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730 _Iyear_1733
{col 16}_Iyear_1750 _Iyear_1751

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    46{txt}{col 55}Number of obs = {res}     301
{txt}{col 55}F(  1,    45) = {res}    1.05
{txt}{col 55}Prob > F      = {res}  0.3102
{txt}Total (centered) SS     = {res} 16.04951558{txt}{col 55}Centered R2   = {res} -0.0147
{txt}Total (uncentered) SS   = {res} 16.04951558{txt}{col 55}Uncentered R2 = {res} -0.0147
{txt}Residual SS             = {res} 16.28599814{txt}{col 55}Root MSE      = {res}   .2527

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    chgovreb{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}chshspain {c |}{col 14}{res}{space 2}-.0041055{col 26}{space 2} .0035825{col 37}{space 1}   -1.15{col 46}{space 3}0.252{col 54}{space 4}-.0111271{col 67}{space 3}  .002916
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  17.566
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  65.447
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 116.391
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshspain
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}distfuture obyear1 obyear2 obyear3 obyear4 obyear5
{col 23}obyear7 _Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1691
{col 23}_Iyear_1692 _Iyear_1693 _Iyear_1694 _Iyear_1695
{col 23}_Iyear_1696 _Iyear_1697 _Iyear_1698 _Iyear_1700
{col 23}_Iyear_1704 _Iyear_1705 _Iyear_1706 _Iyear_1707
{col 23}_Iyear_1708 _Iyear_1709 _Iyear_1710 _Iyear_1711
{col 23}_Iyear_1712 _Iyear_1713 _Iyear_1714 _Iyear_1715
{col 23}_Iyear_1716 _Iyear_1717 _Iyear_1718 _Iyear_1719
{col 23}_Iyear_1720 _Iyear_1728 _Iyear_1731 _Iyear_1732
{col 23}_Iyear_1734 _Iyear_1735 _Iyear_1736 _Iyear_1737
{col 23}_Iyear_1738 _Iyear_1739 _Iyear_1740 _Iyear_1741
{col 23}_Iyear_1742 _Iyear_1744 _Iyear_1745 _Iyear_1746
{col 23}_Iyear_1747 _Iyear_1748 _Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 23}_Iyear_1733 _Iyear_1750 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}chgovreb {c |}{res}        301   -.0033223    .2516391         -1          1
{txt}{stata `"shellout using `"Table4.tex"'"':Table4.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table4.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. 
. 
. *composition data
. 
. use composition.dta, clear
{txt}
{com}. 
. 
. #delimit;
{txt}delimiter now ;
{com}. local replace append;
{txt}
{com}. foreach var of varlist chanyreb chgovreb {c -(};
{txt}  2{com}. xi: xtivreg2 `var' (chshspain = totspanishdeath) obyear1-obyear8 i.year distfuture if distfuture<=9, fe  cluster(provcode)
>  partial (distfuture obyear* _I*);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. local fstat = e(widstat);
{txt}  6{com}. outreg2 using  Table4.tex, `replace' dec(3) nocons noni nor
> adds("Provinces", e(N_clust), "Mean DV", `mean', "F-Stat", `fstat');
{txt}  7{com}. local replace append;
{txt}  8{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 21}_Iyear_1733 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       46{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.5
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730 _Iyear_1733
{col 16}_Iyear_1750 _Iyear_1751

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    46{txt}{col 55}Number of obs = {res}     301
{txt}{col 55}F(  1,    45) = {res}    3.67
{txt}{col 55}Prob > F      = {res}  0.0616
{txt}Total (centered) SS     = {res}   19.586904{txt}{col 55}Centered R2   = {res} -0.6099
{txt}Total (uncentered) SS   = {res}   19.586904{txt}{col 55}Uncentered R2 = {res} -0.6099
{txt}Residual SS             = {res} 31.53376768{txt}{col 55}Root MSE      = {res}   .3517

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    chanyreb{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}chshspain {c |}{col 14}{res}{space 2}-.0545318{col 26}{space 2} .0254784{col 37}{space 1}   -2.14{col 46}{space 3}0.032{col 54}{space 4}-.1044684{col 67}{space 3}-.0045951
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}   9.693
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0018
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  13.258
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  18.179
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshspain
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}distfuture obyear1 obyear2 obyear3 obyear4 obyear5
{col 23}obyear7 _Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1691
{col 23}_Iyear_1692 _Iyear_1693 _Iyear_1694 _Iyear_1695
{col 23}_Iyear_1696 _Iyear_1697 _Iyear_1698 _Iyear_1700
{col 23}_Iyear_1704 _Iyear_1705 _Iyear_1706 _Iyear_1707
{col 23}_Iyear_1708 _Iyear_1709 _Iyear_1710 _Iyear_1711
{col 23}_Iyear_1712 _Iyear_1713 _Iyear_1714 _Iyear_1715
{col 23}_Iyear_1716 _Iyear_1717 _Iyear_1718 _Iyear_1719
{col 23}_Iyear_1720 _Iyear_1728 _Iyear_1731 _Iyear_1732
{col 23}_Iyear_1734 _Iyear_1735 _Iyear_1736 _Iyear_1737
{col 23}_Iyear_1738 _Iyear_1739 _Iyear_1740 _Iyear_1741
{col 23}_Iyear_1742 _Iyear_1744 _Iyear_1745 _Iyear_1746
{col 23}_Iyear_1747 _Iyear_1748 _Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 23}_Iyear_1733 _Iyear_1750 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}chanyreb {c |}{res}        301   -.0066445    .2943168         -1          1
{txt}{stata `"shellout using `"Table4.tex"'"':Table4.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table4.txt""':seeout}
i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 21}_Iyear_1733 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       46{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.5
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730 _Iyear_1733
{col 16}_Iyear_1750 _Iyear_1751

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    46{txt}{col 55}Number of obs = {res}     301
{txt}{col 55}F(  1,    45) = {res}    1.01
{txt}{col 55}Prob > F      = {res}  0.3191
{txt}Total (centered) SS     = {res} 16.04951558{txt}{col 55}Centered R2   = {res} -0.1016
{txt}Total (uncentered) SS   = {res} 16.04951558{txt}{col 55}Uncentered R2 = {res} -0.1016
{txt}Residual SS             = {res} 17.68077339{txt}{col 55}Root MSE      = {res}   .2633

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    chgovreb{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}chshspain {c |}{col 14}{res}{space 2}-.0177704{col 26}{space 2} .0157989{col 37}{space 1}   -1.12{col 46}{space 3}0.261{col 54}{space 4}-.0487358{col 67}{space 3}  .013195
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}   9.693
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0018
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  13.258
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  18.179
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshspain
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}distfuture obyear1 obyear2 obyear3 obyear4 obyear5
{col 23}obyear7 _Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1691
{col 23}_Iyear_1692 _Iyear_1693 _Iyear_1694 _Iyear_1695
{col 23}_Iyear_1696 _Iyear_1697 _Iyear_1698 _Iyear_1700
{col 23}_Iyear_1704 _Iyear_1705 _Iyear_1706 _Iyear_1707
{col 23}_Iyear_1708 _Iyear_1709 _Iyear_1710 _Iyear_1711
{col 23}_Iyear_1712 _Iyear_1713 _Iyear_1714 _Iyear_1715
{col 23}_Iyear_1716 _Iyear_1717 _Iyear_1718 _Iyear_1719
{col 23}_Iyear_1720 _Iyear_1728 _Iyear_1731 _Iyear_1732
{col 23}_Iyear_1734 _Iyear_1735 _Iyear_1736 _Iyear_1737
{col 23}_Iyear_1738 _Iyear_1739 _Iyear_1740 _Iyear_1741
{col 23}_Iyear_1742 _Iyear_1744 _Iyear_1745 _Iyear_1746
{col 23}_Iyear_1747 _Iyear_1748 _Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 23}_Iyear_1733 _Iyear_1750 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}chgovreb {c |}{res}        301   -.0033223    .2516391         -1          1
{txt}{stata `"shellout using `"Table4.tex"'"':Table4.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table4.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. 
. 
. *******************
. ***TABLE 5: Heterogenous Effects
. *******************
. 
. ***************
. *Panels A and B
. ***************
. 
. *new members data
. 
. use newmembersdata, clear
{txt}
{com}. 
. *Repartimiento 
. 
. #delimit;
{txt}delimiter now ;
{com}. local replace replace;
{txt}
{com}. foreach var of varlist difprice {c -(};
{txt}  2{com}. xi: xtivreg2 `var' (chshsold = totspanishdeath) obyear1-obyear8 i.year distfuture if distfuture<=9 & rep50==1, fe cluster(provcode)
>  partial (distfuture obyear* _I*);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. local fstat = e(widstat);
{txt}  6{com}. outreg2 using  Table5A.tex, `replace' dec(2) nocons noni nor
> adds("Provinces", e(N_clust), "Mean DV", `mean', "F-Stat", `fstat');
{txt}  7{com}. local replace append;
{txt}  8{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear6 obyear8 _Iyear_1691 _Iyear_1698 _Iyear_1699
{col 21}_Iyear_1704 _Iyear_1705 _Iyear_1707 _Iyear_1714 _Iyear_1717
{col 21}_Iyear_1729 _Iyear_1730 _Iyear_1733 _Iyear_1739 _Iyear_1750
{col 21}_Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       21{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      7.4
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear6 obyear8 _Iyear_1691 _Iyear_1698 _Iyear_1699 _Iyear_1704
{col 16}_Iyear_1705 _Iyear_1707 _Iyear_1714 _Iyear_1717 _Iyear_1729
{col 16}_Iyear_1730 _Iyear_1733 _Iyear_1739 _Iyear_1750 _Iyear_1751

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    21{txt}{col 55}Number of obs = {res}     156
{txt}{col 55}F(  1,    20) = {res}    3.23
{txt}{col 55}Prob > F      = {res}  0.0874
{txt}Total (centered) SS     = {res} 786186330.1{txt}{col 55}Centered R2   = {res} -0.1435
{txt}Total (uncentered) SS   = {res} 786186330.1{txt}{col 55}Uncentered R2 = {res} -0.1435
{txt}Residual SS             = {res} 898973721.5{txt}{col 55}Root MSE      = {res}    2581

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    difprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} 247.1444{col 26}{space 2} 112.5297{col 37}{space 1}    2.20{col 46}{space 3}0.028{col 54}{space 4} 26.59032{col 67}{space 3} 467.6985
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}   7.238
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0071
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  27.659
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  34.911
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}distfuture obyear1 obyear2 obyear3 obyear4 obyear5
{col 23}obyear7 _Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1692
{col 23}_Iyear_1693 _Iyear_1694 _Iyear_1695 _Iyear_1696
{col 23}_Iyear_1697 _Iyear_1700 _Iyear_1706 _Iyear_1708
{col 23}_Iyear_1709 _Iyear_1710 _Iyear_1711 _Iyear_1712
{col 23}_Iyear_1713 _Iyear_1715 _Iyear_1716 _Iyear_1718
{col 23}_Iyear_1719 _Iyear_1720 _Iyear_1728 _Iyear_1731
{col 23}_Iyear_1732 _Iyear_1734 _Iyear_1735 _Iyear_1736
{col 23}_Iyear_1737 _Iyear_1738 _Iyear_1740 _Iyear_1741
{col 23}_Iyear_1742 _Iyear_1744 _Iyear_1745 _Iyear_1746
{col 23}_Iyear_1747 _Iyear_1748 _Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear6 obyear8 _Iyear_1691 _Iyear_1698 _Iyear_1699
{col 23}_Iyear_1704 _Iyear_1705 _Iyear_1707 _Iyear_1714
{col 23}_Iyear_1717 _Iyear_1729 _Iyear_1730 _Iyear_1733
{col 23}_Iyear_1739 _Iyear_1750 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}difprice {c |}{res}        156     867.053    3335.631  -14719.95   16970.71
{txt}{stata `"shellout using `"Table5A.tex"'"':Table5A.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table5A.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. 
. #delimit;
{txt}delimiter now ;
{com}. local replace replace;
{txt}
{com}. foreach var of varlist lgprice {c -(};
{txt}  2{com}. xi: xtivreg2 `var' (chshsold = totspanishdeath) obyear1-obyear8 i.year distfuture if distfuture<=9 & rep50==1, fe cluster(provcode)
>  partial (distfuture obyear* _I*);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. local fstat = e(widstat);
{txt}  6{com}. outreg2 using  Table5B.tex, `replace' dec(2) nocons noni nor
> adds("Provinces", e(N_clust), "Mean DV", `mean', "F-Stat", `fstat');
{txt}  7{com}. local replace append;
{txt}  8{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear6 obyear8 _Iyear_1691 _Iyear_1698 _Iyear_1699
{col 21}_Iyear_1704 _Iyear_1705 _Iyear_1707 _Iyear_1714 _Iyear_1717
{col 21}_Iyear_1729 _Iyear_1730 _Iyear_1733 _Iyear_1739 _Iyear_1750
{col 21}_Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       21{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      7.4
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear6 obyear8 _Iyear_1691 _Iyear_1698 _Iyear_1699 _Iyear_1704
{col 16}_Iyear_1705 _Iyear_1707 _Iyear_1714 _Iyear_1717 _Iyear_1729
{col 16}_Iyear_1730 _Iyear_1733 _Iyear_1739 _Iyear_1750 _Iyear_1751

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    21{txt}{col 55}Number of obs = {res}     156
{txt}{col 55}F(  1,    20) = {res}    2.88
{txt}{col 55}Prob > F      = {res}  0.1052
{txt}Total (centered) SS     = {res} 9.561138722{txt}{col 55}Centered R2   = {res}  0.0815
{txt}Total (uncentered) SS   = {res} 9.561138722{txt}{col 55}Uncentered R2 = {res}  0.0815
{txt}Residual SS             = {res} 8.782170406{txt}{col 55}Root MSE      = {res}   .2551

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}     lgprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} .0121178{col 26}{space 2} .0058433{col 37}{space 1}    2.07{col 46}{space 3}0.038{col 54}{space 4} .0006652{col 67}{space 3} .0235705
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}   7.238
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0071
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  27.659
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  34.911
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}distfuture obyear1 obyear2 obyear3 obyear4 obyear5
{col 23}obyear7 _Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1692
{col 23}_Iyear_1693 _Iyear_1694 _Iyear_1695 _Iyear_1696
{col 23}_Iyear_1697 _Iyear_1700 _Iyear_1706 _Iyear_1708
{col 23}_Iyear_1709 _Iyear_1710 _Iyear_1711 _Iyear_1712
{col 23}_Iyear_1713 _Iyear_1715 _Iyear_1716 _Iyear_1718
{col 23}_Iyear_1719 _Iyear_1720 _Iyear_1728 _Iyear_1731
{col 23}_Iyear_1732 _Iyear_1734 _Iyear_1735 _Iyear_1736
{col 23}_Iyear_1737 _Iyear_1738 _Iyear_1740 _Iyear_1741
{col 23}_Iyear_1742 _Iyear_1744 _Iyear_1745 _Iyear_1746
{col 23}_Iyear_1747 _Iyear_1748 _Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear6 obyear8 _Iyear_1691 _Iyear_1698 _Iyear_1699
{col 23}_Iyear_1704 _Iyear_1705 _Iyear_1707 _Iyear_1714
{col 23}_Iyear_1717 _Iyear_1729 _Iyear_1730 _Iyear_1733
{col 23}_Iyear_1739 _Iyear_1750 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 5}lgprice {c |}{res}        156    .1400916    .4274582  -1.252763   1.203973
{txt}{stata `"shellout using `"Table5B.tex"'"':Table5B.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table5B.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. 
. #delimit;
{txt}delimiter now ;
{com}. local replace append;
{txt}
{com}. foreach var of varlist difprice {c -(};
{txt}  2{com}. xi: xtivreg2 `var' (chshsold = totspanishdeath) obyear1-obyear8  i.year distfuture if distfuture<=9 & rep50==0, fe cluster(provcode)
>  partial (distfuture obyear* _I*);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. local fstat = e(widstat);
{txt}  6{com}. outreg2 using  Table5A.tex, `replace' dec(2) nocons noni nor
> adds("Provinces", e(N_clust), "Mean DV", `mean', "F-Stat", `fstat');
{txt}  7{com}. local replace append;
{txt}  8{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear3 obyear6 obyear8 _Iyear_1697 _Iyear_1699 _Iyear_1706
{col 21}_Iyear_1710 _Iyear_1728 _Iyear_1729 _Iyear_1730 _Iyear_1731
{col 21}_Iyear_1733 _Iyear_1749 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       23{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.0
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear3 obyear6 obyear8 _Iyear_1697 _Iyear_1699 _Iyear_1706
{col 16}_Iyear_1710 _Iyear_1728 _Iyear_1729 _Iyear_1730 _Iyear_1731
{col 16}_Iyear_1733 _Iyear_1749 _Iyear_1750 _Iyear_1751

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    23{txt}{col 55}Number of obs = {res}     138
{txt}{col 55}F(  1,    22) = {res}   13.96
{txt}{col 55}Prob > F      = {res}  0.0011
{txt}Total (centered) SS     = {res} 278606777.7{txt}{col 55}Centered R2   = {res} -0.1973
{txt}Total (uncentered) SS   = {res} 278606777.7{txt}{col 55}Uncentered R2 = {res} -0.1973
{txt}Residual SS             = {res} 333589729.5{txt}{col 55}Root MSE      = {res}    1703

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    difprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} 114.6113{col 26}{space 2} 24.31315{col 37}{space 1}    4.71{col 46}{space 3}0.000{col 54}{space 4} 66.95839{col 67}{space 3} 162.2642
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}   7.971
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0048
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  20.022
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  71.008
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}distfuture obyear1 obyear2 obyear4 obyear5 obyear7
{col 23}_Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1691
{col 23}_Iyear_1692 _Iyear_1693 _Iyear_1694 _Iyear_1695
{col 23}_Iyear_1696 _Iyear_1698 _Iyear_1700 _Iyear_1704
{col 23}_Iyear_1705 _Iyear_1707 _Iyear_1708 _Iyear_1709
{col 23}_Iyear_1711 _Iyear_1712 _Iyear_1713 _Iyear_1714
{col 23}_Iyear_1715 _Iyear_1716 _Iyear_1717 _Iyear_1718
{col 23}_Iyear_1719 _Iyear_1720 _Iyear_1732 _Iyear_1734
{col 23}_Iyear_1735 _Iyear_1736 _Iyear_1737 _Iyear_1738
{col 23}_Iyear_1739 _Iyear_1740 _Iyear_1741 _Iyear_1742
{col 23}_Iyear_1744 _Iyear_1745 _Iyear_1746 _Iyear_1747
{col 23}_Iyear_1748
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear3 obyear6 obyear8 _Iyear_1697 _Iyear_1699
{col 23}_Iyear_1706 _Iyear_1710 _Iyear_1728 _Iyear_1729
{col 23}_Iyear_1730 _Iyear_1731 _Iyear_1733 _Iyear_1749
{col 23}_Iyear_1750 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}difprice {c |}{res}        138    829.3001    2305.526  -4579.348   10675.34
{txt}{stata `"shellout using `"Table5A.tex"'"':Table5A.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table5A.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. #delimit;
{txt}delimiter now ;
{com}. local replace append;
{txt}
{com}. foreach var of varlist lgprice {c -(};
{txt}  2{com}. xi: xtivreg2 `var' (chshsold = totspanishdeath) obyear1-obyear8  i.year distfuture if distfuture<=9 & rep50==0, fe cluster(provcode)
>  partial (distfuture obyear* _I*);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. local fstat = e(widstat);
{txt}  6{com}. outreg2 using  Table5B.tex, `replace' dec(2) nocons noni nor
> adds("Provinces", e(N_clust), "Mean DV", `mean', "F-Stat", `fstat');
{txt}  7{com}. local replace append;
{txt}  8{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear3 obyear6 obyear8 _Iyear_1697 _Iyear_1699 _Iyear_1706
{col 21}_Iyear_1710 _Iyear_1728 _Iyear_1729 _Iyear_1730 _Iyear_1731
{col 21}_Iyear_1733 _Iyear_1749 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       23{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.0
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear3 obyear6 obyear8 _Iyear_1697 _Iyear_1699 _Iyear_1706
{col 16}_Iyear_1710 _Iyear_1728 _Iyear_1729 _Iyear_1730 _Iyear_1731
{col 16}_Iyear_1733 _Iyear_1749 _Iyear_1750 _Iyear_1751

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    23{txt}{col 55}Number of obs = {res}     138
{txt}{col 55}F(  1,    22) = {res}   22.40
{txt}{col 55}Prob > F      = {res}  0.0001
{txt}Total (centered) SS     = {res} 10.49396982{txt}{col 55}Centered R2   = {res} -0.3056
{txt}Total (uncentered) SS   = {res} 10.49396982{txt}{col 55}Uncentered R2 = {res} -0.3056
{txt}Residual SS             = {res} 13.70054521{txt}{col 55}Root MSE      = {res}   .3452

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}     lgprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} .0259253{col 26}{space 2} .0043424{col 37}{space 1}    5.97{col 46}{space 3}0.000{col 54}{space 4} .0174143{col 67}{space 3} .0344363
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}   7.971
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0048
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  20.022
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  71.008
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}distfuture obyear1 obyear2 obyear4 obyear5 obyear7
{col 23}_Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1691
{col 23}_Iyear_1692 _Iyear_1693 _Iyear_1694 _Iyear_1695
{col 23}_Iyear_1696 _Iyear_1698 _Iyear_1700 _Iyear_1704
{col 23}_Iyear_1705 _Iyear_1707 _Iyear_1708 _Iyear_1709
{col 23}_Iyear_1711 _Iyear_1712 _Iyear_1713 _Iyear_1714
{col 23}_Iyear_1715 _Iyear_1716 _Iyear_1717 _Iyear_1718
{col 23}_Iyear_1719 _Iyear_1720 _Iyear_1732 _Iyear_1734
{col 23}_Iyear_1735 _Iyear_1736 _Iyear_1737 _Iyear_1738
{col 23}_Iyear_1739 _Iyear_1740 _Iyear_1741 _Iyear_1742
{col 23}_Iyear_1744 _Iyear_1745 _Iyear_1746 _Iyear_1747
{col 23}_Iyear_1748
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear3 obyear6 obyear8 _Iyear_1697 _Iyear_1699
{col 23}_Iyear_1706 _Iyear_1710 _Iyear_1728 _Iyear_1729
{col 23}_Iyear_1730 _Iyear_1731 _Iyear_1733 _Iyear_1749
{col 23}_Iyear_1750 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 5}lgprice {c |}{res}        138     .145493    .4375222  -1.098612   1.119125
{txt}{stata `"shellout using `"Table5B.tex"'"':Table5B.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table5B.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. 
. 
. *Tributarios
. 
. #delimit;
{txt}delimiter now ;
{com}. local replace append;
{txt}
{com}. foreach var of varlist difprice {c -(};
{txt}  2{com}. xi: xtivreg2 `var' (chshsold = totspanishdeath) obyear1-obyear8 i.year distfuture if distfuture<=9 & tribhigh==1, fe cluster(provcode)
>  partial (distfuture obyear* _I*);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. local fstat = e(widstat);
{txt}  6{com}. outreg2 using  Table5A.tex, `replace' dec(2) nocons noni nor
> adds("Provinces", e(N_clust), "Mean DV", `mean', "F-Stat", `fstat');
{txt}  7{com}. local replace append;
{txt}  8{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear6 obyear8 _Iyear_1695 _Iyear_1697 _Iyear_1699
{col 21}_Iyear_1729 _Iyear_1730 _Iyear_1733 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       23{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.6
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear6 obyear8 _Iyear_1695 _Iyear_1697 _Iyear_1699 _Iyear_1729
{col 16}_Iyear_1730 _Iyear_1733 _Iyear_1750 _Iyear_1751

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    23{txt}{col 55}Number of obs = {res}     152
{txt}{col 55}F(  1,    22) = {res}    6.74
{txt}{col 55}Prob > F      = {res}  0.0165
{txt}Total (centered) SS     = {res}   807522094{txt}{col 55}Centered R2   = {res} -0.2883
{txt}Total (uncentered) SS   = {res}   807522094{txt}{col 55}Uncentered R2 = {res} -0.2883
{txt}Residual SS             = {res}  1040363219{txt}{col 55}Root MSE      = {res}    2840

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    difprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} 332.4206{col 26}{space 2} 101.3847{col 37}{space 1}    3.28{col 46}{space 3}0.001{col 54}{space 4} 133.7103{col 67}{space 3} 531.1309
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}   7.930
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0049
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  29.055
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  36.371
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}distfuture obyear1 obyear2 obyear3 obyear4 obyear5
{col 23}obyear7 _Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1691
{col 23}_Iyear_1692 _Iyear_1693 _Iyear_1694 _Iyear_1696
{col 23}_Iyear_1698 _Iyear_1700 _Iyear_1704 _Iyear_1705
{col 23}_Iyear_1706 _Iyear_1707 _Iyear_1708 _Iyear_1709
{col 23}_Iyear_1710 _Iyear_1711 _Iyear_1712 _Iyear_1713
{col 23}_Iyear_1714 _Iyear_1715 _Iyear_1716 _Iyear_1717
{col 23}_Iyear_1718 _Iyear_1719 _Iyear_1720 _Iyear_1728
{col 23}_Iyear_1731 _Iyear_1732 _Iyear_1734 _Iyear_1735
{col 23}_Iyear_1736 _Iyear_1737 _Iyear_1738 _Iyear_1739
{col 23}_Iyear_1740 _Iyear_1741 _Iyear_1742 _Iyear_1744
{col 23}_Iyear_1745 _Iyear_1746 _Iyear_1747 _Iyear_1748
{col 23}_Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear6 obyear8 _Iyear_1695 _Iyear_1697 _Iyear_1699
{col 23}_Iyear_1729 _Iyear_1730 _Iyear_1733 _Iyear_1750
{col 23}_Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}difprice {c |}{res}        152    892.5249    3221.354  -14719.95   16970.71
{txt}{stata `"shellout using `"Table5A.tex"'"':Table5A.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table5A.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. #delimit;
{txt}delimiter now ;
{com}. local replace append;
{txt}
{com}. foreach var of varlist lgprice {c -(};
{txt}  2{com}. xi: xtivreg2 `var' (chshsold = totspanishdeath) obyear1-obyear8 i.year distfuture if distfuture<=9 & tribhigh==1, fe cluster(provcode)
>  partial (distfuture obyear* _I*);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. local fstat = e(widstat);
{txt}  6{com}. outreg2 using  Table5B.tex, `replace' dec(2) nocons noni nor
> adds("Provinces", e(N_clust), "Mean DV", `mean', "F-Stat", `fstat');
{txt}  7{com}. local replace append;
{txt}  8{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear6 obyear8 _Iyear_1695 _Iyear_1697 _Iyear_1699
{col 21}_Iyear_1729 _Iyear_1730 _Iyear_1733 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       23{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.6
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear6 obyear8 _Iyear_1695 _Iyear_1697 _Iyear_1699 _Iyear_1729
{col 16}_Iyear_1730 _Iyear_1733 _Iyear_1750 _Iyear_1751

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    23{txt}{col 55}Number of obs = {res}     152
{txt}{col 55}F(  1,    22) = {res}   17.84
{txt}{col 55}Prob > F      = {res}  0.0003
{txt}Total (centered) SS     = {res} 13.58336373{txt}{col 55}Centered R2   = {res}  0.0082
{txt}Total (uncentered) SS   = {res} 13.58336373{txt}{col 55}Uncentered R2 = {res}  0.0082
{txt}Residual SS             = {res} 13.47156422{txt}{col 55}Root MSE      = {res}   .3232

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}     lgprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} .0250709{col 26}{space 2} .0047002{col 37}{space 1}    5.33{col 46}{space 3}0.000{col 54}{space 4} .0158586{col 67}{space 3} .0342832
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}   7.930
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0049
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  29.055
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  36.371
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}distfuture obyear1 obyear2 obyear3 obyear4 obyear5
{col 23}obyear7 _Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1691
{col 23}_Iyear_1692 _Iyear_1693 _Iyear_1694 _Iyear_1696
{col 23}_Iyear_1698 _Iyear_1700 _Iyear_1704 _Iyear_1705
{col 23}_Iyear_1706 _Iyear_1707 _Iyear_1708 _Iyear_1709
{col 23}_Iyear_1710 _Iyear_1711 _Iyear_1712 _Iyear_1713
{col 23}_Iyear_1714 _Iyear_1715 _Iyear_1716 _Iyear_1717
{col 23}_Iyear_1718 _Iyear_1719 _Iyear_1720 _Iyear_1728
{col 23}_Iyear_1731 _Iyear_1732 _Iyear_1734 _Iyear_1735
{col 23}_Iyear_1736 _Iyear_1737 _Iyear_1738 _Iyear_1739
{col 23}_Iyear_1740 _Iyear_1741 _Iyear_1742 _Iyear_1744
{col 23}_Iyear_1745 _Iyear_1746 _Iyear_1747 _Iyear_1748
{col 23}_Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear6 obyear8 _Iyear_1695 _Iyear_1697 _Iyear_1699
{col 23}_Iyear_1729 _Iyear_1730 _Iyear_1733 _Iyear_1750
{col 23}_Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 5}lgprice {c |}{res}        152     .146335    .4598908  -1.252763   1.203973
{txt}{stata `"shellout using `"Table5B.tex"'"':Table5B.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table5B.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. 
. #delimit;
{txt}delimiter now ;
{com}. local replace append;
{txt}
{com}. foreach var of varlist difprice  {c -(};
{txt}  2{com}. xi: xtivreg2 `var' (chshsold = totspanishdeath) obyear1-obyear8 i.year distfuture if distfuture<=9 & tribhigh==0, fe cluster(provcode)
>  partial (distfuture obyear* _I*);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. local fstat = e(widstat);
{txt}  6{com}. outreg2 using  Table5A.tex, `replace' dec(2) nocons noni nor
> adds("Provinces", e(N_clust), "Mean DV", `mean', "F-Stat", `fstat');
{txt}  7{com}. local replace append;
{txt}  8{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear3 obyear6 obyear8 _Iyear_1691 _Iyear_1698 _Iyear_1699
{col 21}_Iyear_1704 _Iyear_1707 _Iyear_1709 _Iyear_1714 _Iyear_1717
{col 21}_Iyear_1720 _Iyear_1729 _Iyear_1730 _Iyear_1731 _Iyear_1733
{col 21}_Iyear_1739 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       22{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        3
{txt}{col 64}avg{col 68}={col 70}{res}      6.7
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear3 obyear6 obyear8 _Iyear_1691 _Iyear_1698 _Iyear_1699
{col 16}_Iyear_1704 _Iyear_1707 _Iyear_1709 _Iyear_1714 _Iyear_1717
{col 16}_Iyear_1720 _Iyear_1729 _Iyear_1730 _Iyear_1731 _Iyear_1733
{col 16}_Iyear_1739 _Iyear_1750 _Iyear_1751

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    22{txt}{col 55}Number of obs = {res}     147
{txt}{col 55}F(  1,    21) = {res}    2.84
{txt}{col 55}Prob > F      = {res}  0.1065
{txt}Total (centered) SS     = {res} 268946615.9{txt}{col 55}Centered R2   = {res}  0.0205
{txt}Total (uncentered) SS   = {res} 268946615.9{txt}{col 55}Uncentered R2 = {res}  0.0205
{txt}Residual SS             = {res}   263446519{txt}{col 55}Root MSE      = {res}    1452

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    difprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} 70.58261{col 26}{space 2} 34.34525{col 37}{space 1}    2.06{col 46}{space 3}0.040{col 54}{space 4} 3.267167{col 67}{space 3} 137.8981
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  10.845
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0010
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  28.008
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  66.413
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}distfuture obyear1 obyear2 obyear4 obyear5 obyear7
{col 23}_Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1692
{col 23}_Iyear_1693 _Iyear_1694 _Iyear_1695 _Iyear_1696
{col 23}_Iyear_1697 _Iyear_1700 _Iyear_1705 _Iyear_1706
{col 23}_Iyear_1708 _Iyear_1710 _Iyear_1711 _Iyear_1712
{col 23}_Iyear_1713 _Iyear_1715 _Iyear_1716 _Iyear_1718
{col 23}_Iyear_1719 _Iyear_1728 _Iyear_1732 _Iyear_1734
{col 23}_Iyear_1735 _Iyear_1736 _Iyear_1737 _Iyear_1738
{col 23}_Iyear_1740 _Iyear_1741 _Iyear_1742 _Iyear_1744
{col 23}_Iyear_1745 _Iyear_1746 _Iyear_1747 _Iyear_1748
{col 23}_Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear3 obyear6 obyear8 _Iyear_1691 _Iyear_1698
{col 23}_Iyear_1699 _Iyear_1704 _Iyear_1707 _Iyear_1709
{col 23}_Iyear_1714 _Iyear_1717 _Iyear_1720 _Iyear_1729
{col 23}_Iyear_1730 _Iyear_1731 _Iyear_1733 _Iyear_1739
{col 23}_Iyear_1750 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}difprice {c |}{res}        147    832.2824    2502.326  -8184.776   11225.66
{txt}{stata `"shellout using `"Table5A.tex"'"':Table5A.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table5A.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. #delimit;
{txt}delimiter now ;
{com}. local replace append;
{txt}
{com}. foreach var of varlist lgprice  {c -(};
{txt}  2{com}. xi: xtivreg2 `var' (chshsold = totspanishdeath) obyear1-obyear8 i.year distfuture if distfuture<=9 & tribhigh==0, fe cluster(provcode)
>  partial (distfuture obyear* _I*);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. local fstat = e(widstat);
{txt}  6{com}. outreg2 using  Table5B.tex, `replace' dec(2) nocons noni nor
> adds("Provinces", e(N_clust), "Mean DV", `mean', "F-Stat", `fstat');
{txt}  7{com}. local replace append;
{txt}  8{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear3 obyear6 obyear8 _Iyear_1691 _Iyear_1698 _Iyear_1699
{col 21}_Iyear_1704 _Iyear_1707 _Iyear_1709 _Iyear_1714 _Iyear_1717
{col 21}_Iyear_1720 _Iyear_1729 _Iyear_1730 _Iyear_1731 _Iyear_1733
{col 21}_Iyear_1739 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       22{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        3
{txt}{col 64}avg{col 68}={col 70}{res}      6.7
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear3 obyear6 obyear8 _Iyear_1691 _Iyear_1698 _Iyear_1699
{col 16}_Iyear_1704 _Iyear_1707 _Iyear_1709 _Iyear_1714 _Iyear_1717
{col 16}_Iyear_1720 _Iyear_1729 _Iyear_1730 _Iyear_1731 _Iyear_1733
{col 16}_Iyear_1739 _Iyear_1750 _Iyear_1751

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    22{txt}{col 55}Number of obs = {res}     147
{txt}{col 55}F(  1,    21) = {res}    2.31
{txt}{col 55}Prob > F      = {res}  0.1431
{txt}Total (centered) SS     = {res} 8.802761559{txt}{col 55}Centered R2   = {res}  0.0590
{txt}Total (uncentered) SS   = {res} 8.802761559{txt}{col 55}Uncentered R2 = {res}  0.0590
{txt}Residual SS             = {res} 8.283367361{txt}{col 55}Root MSE      = {res}   .2574

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}     lgprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2}   .01528{col 26}{space 2} .0082417{col 37}{space 1}    1.85{col 46}{space 3}0.064{col 54}{space 4}-.0008734{col 67}{space 3} .0314333
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  10.845
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0010
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  28.008
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  66.413
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}distfuture obyear1 obyear2 obyear4 obyear5 obyear7
{col 23}_Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1692
{col 23}_Iyear_1693 _Iyear_1694 _Iyear_1695 _Iyear_1696
{col 23}_Iyear_1697 _Iyear_1700 _Iyear_1705 _Iyear_1706
{col 23}_Iyear_1708 _Iyear_1710 _Iyear_1711 _Iyear_1712
{col 23}_Iyear_1713 _Iyear_1715 _Iyear_1716 _Iyear_1718
{col 23}_Iyear_1719 _Iyear_1728 _Iyear_1732 _Iyear_1734
{col 23}_Iyear_1735 _Iyear_1736 _Iyear_1737 _Iyear_1738
{col 23}_Iyear_1740 _Iyear_1741 _Iyear_1742 _Iyear_1744
{col 23}_Iyear_1745 _Iyear_1746 _Iyear_1747 _Iyear_1748
{col 23}_Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear3 obyear6 obyear8 _Iyear_1691 _Iyear_1698
{col 23}_Iyear_1699 _Iyear_1704 _Iyear_1707 _Iyear_1709
{col 23}_Iyear_1714 _Iyear_1717 _Iyear_1720 _Iyear_1729
{col 23}_Iyear_1730 _Iyear_1731 _Iyear_1733 _Iyear_1739
{col 23}_Iyear_1750 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 5}lgprice {c |}{res}        147    .1390737    .3967167  -1.038252   1.119125
{txt}{stata `"shellout using `"Table5B.tex"'"':Table5B.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table5B.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. 
. *Agricultural Suitability
. 
. #delimit;
{txt}delimiter now ;
{com}. local replace append;
{txt}
{com}. foreach var of varlist difprice {c -(};
{txt}  2{com}. xi: xtivreg2 `var' (chshsold = totspanishdeath) obyear1-obyear8 i.year distfuture if distfuture<=9 & agrhigh==1, fe cluster(provcode)
>  partial (distfuture obyear* _I*);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. local fstat = e(widstat);
{txt}  6{com}. outreg2 using  Table5A.tex, `replace' dec(2) nocons noni nor
> adds("Provinces", e(N_clust), "Mean DV", `mean', "F-Stat", `fstat');
{txt}  7{com}. local replace append;
{txt}  8{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear3 obyear4 obyear6 obyear8 _Iyear_1699 _Iyear_1720
{col 21}_Iyear_1729 _Iyear_1730 _Iyear_1733 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       23{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.7
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear3 obyear4 obyear6 obyear8 _Iyear_1699 _Iyear_1720
{col 16}_Iyear_1729 _Iyear_1730 _Iyear_1733 _Iyear_1750 _Iyear_1751

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    23{txt}{col 55}Number of obs = {res}     154
{txt}{col 55}F(  1,    22) = {res}    8.19
{txt}{col 55}Prob > F      = {res}  0.0091
{txt}Total (centered) SS     = {res} 708453576.1{txt}{col 55}Centered R2   = {res} -0.6811
{txt}Total (uncentered) SS   = {res} 708453576.1{txt}{col 55}Uncentered R2 = {res} -0.6811
{txt}Residual SS             = {res}  1190979360{txt}{col 55}Root MSE      = {res}    3015

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    difprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} 351.6662{col 26}{space 2} 98.15003{col 37}{space 1}    3.58{col 46}{space 3}0.000{col 54}{space 4} 159.2957{col 67}{space 3} 544.0367
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}   6.649
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0099
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  18.145
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  23.207
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}distfuture obyear1 obyear2 obyear5 obyear7 _Iyear_1688
{col 23}_Iyear_1689 _Iyear_1690 _Iyear_1691 _Iyear_1692
{col 23}_Iyear_1693 _Iyear_1694 _Iyear_1695 _Iyear_1696
{col 23}_Iyear_1697 _Iyear_1698 _Iyear_1700 _Iyear_1704
{col 23}_Iyear_1705 _Iyear_1706 _Iyear_1707 _Iyear_1708
{col 23}_Iyear_1709 _Iyear_1710 _Iyear_1711 _Iyear_1712
{col 23}_Iyear_1713 _Iyear_1714 _Iyear_1715 _Iyear_1716
{col 23}_Iyear_1717 _Iyear_1718 _Iyear_1719 _Iyear_1728
{col 23}_Iyear_1731 _Iyear_1732 _Iyear_1734 _Iyear_1735
{col 23}_Iyear_1736 _Iyear_1737 _Iyear_1738 _Iyear_1739
{col 23}_Iyear_1740 _Iyear_1741 _Iyear_1742 _Iyear_1744
{col 23}_Iyear_1745 _Iyear_1746 _Iyear_1747 _Iyear_1748
{col 23}_Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear3 obyear4 obyear6 obyear8 _Iyear_1699 _Iyear_1720
{col 23}_Iyear_1729 _Iyear_1730 _Iyear_1733 _Iyear_1750
{col 23}_Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}difprice {c |}{res}        154     778.359    3195.597  -14719.95   16970.71
{txt}{stata `"shellout using `"Table5A.tex"'"':Table5A.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table5A.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. 
. #delimit;
{txt}delimiter now ;
{com}. local replace append;
{txt}
{com}. foreach var of varlist lgprice {c -(};
{txt}  2{com}. xi: xtivreg2 `var' (chshsold = totspanishdeath) obyear1-obyear8 i.year distfuture if distfuture<=9 & agrhigh==1, fe cluster(provcode)
>  partial (distfuture obyear* _I*);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. local fstat = e(widstat);
{txt}  6{com}. outreg2 using  Table5B.tex, `replace' dec(2) nocons noni nor
> adds("Provinces", e(N_clust), "Mean DV", `mean', "F-Stat", `fstat');
{txt}  7{com}. local replace append;
{txt}  8{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear3 obyear4 obyear6 obyear8 _Iyear_1699 _Iyear_1720
{col 21}_Iyear_1729 _Iyear_1730 _Iyear_1733 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       23{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.7
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear3 obyear4 obyear6 obyear8 _Iyear_1699 _Iyear_1720
{col 16}_Iyear_1729 _Iyear_1730 _Iyear_1733 _Iyear_1750 _Iyear_1751

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    23{txt}{col 55}Number of obs = {res}     154
{txt}{col 55}F(  1,    22) = {res}   13.40
{txt}{col 55}Prob > F      = {res}  0.0014
{txt}Total (centered) SS     = {res} 13.65128537{txt}{col 55}Centered R2   = {res} -0.3682
{txt}Total (uncentered) SS   = {res} 13.65128537{txt}{col 55}Uncentered R2 = {res} -0.3682
{txt}Residual SS             = {res} 18.67708559{txt}{col 55}Root MSE      = {res}   .3776

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}     lgprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} .0329558{col 26}{space 2} .0071901{col 37}{space 1}    4.58{col 46}{space 3}0.000{col 54}{space 4} .0188635{col 67}{space 3} .0470481
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}   6.649
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0099
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  18.145
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  23.207
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}distfuture obyear1 obyear2 obyear5 obyear7 _Iyear_1688
{col 23}_Iyear_1689 _Iyear_1690 _Iyear_1691 _Iyear_1692
{col 23}_Iyear_1693 _Iyear_1694 _Iyear_1695 _Iyear_1696
{col 23}_Iyear_1697 _Iyear_1698 _Iyear_1700 _Iyear_1704
{col 23}_Iyear_1705 _Iyear_1706 _Iyear_1707 _Iyear_1708
{col 23}_Iyear_1709 _Iyear_1710 _Iyear_1711 _Iyear_1712
{col 23}_Iyear_1713 _Iyear_1714 _Iyear_1715 _Iyear_1716
{col 23}_Iyear_1717 _Iyear_1718 _Iyear_1719 _Iyear_1728
{col 23}_Iyear_1731 _Iyear_1732 _Iyear_1734 _Iyear_1735
{col 23}_Iyear_1736 _Iyear_1737 _Iyear_1738 _Iyear_1739
{col 23}_Iyear_1740 _Iyear_1741 _Iyear_1742 _Iyear_1744
{col 23}_Iyear_1745 _Iyear_1746 _Iyear_1747 _Iyear_1748
{col 23}_Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear3 obyear4 obyear6 obyear8 _Iyear_1699 _Iyear_1720
{col 23}_Iyear_1729 _Iyear_1730 _Iyear_1733 _Iyear_1750
{col 23}_Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 5}lgprice {c |}{res}        154    .1301124    .4629416  -1.252763   1.119125
{txt}{stata `"shellout using `"Table5B.tex"'"':Table5B.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table5B.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. 
. #delimit;
{txt}delimiter now ;
{com}. local replace append;
{txt}
{com}. foreach var of varlist difprice {c -(};
{txt}  2{com}. xi: xtivreg2 `var' (chshsold = totspanishdeath) obyear1-obyear8 i.year distfuture if distfuture<=9 & agrhigh==0, fe cluster(provcode)
>  partial (distfuture obyear* _I*);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. local fstat = e(widstat);
{txt}  6{com}. outreg2 using  Table5A.tex, `replace' dec(2) nocons noni nor
> adds("Provinces", e(N_clust), "Mean DV", `mean', "F-Stat", `fstat');
{txt}  7{com}. local replace append;
{txt}  8{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear6 obyear8 _Iyear_1691 _Iyear_1696 _Iyear_1698
{col 21}_Iyear_1699 _Iyear_1700 _Iyear_1704 _Iyear_1705 _Iyear_1706
{col 21}_Iyear_1707 _Iyear_1717 _Iyear_1729 _Iyear_1730 _Iyear_1731
{col 21}_Iyear_1733 _Iyear_1739 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       23{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.4
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear6 obyear8 _Iyear_1691 _Iyear_1696 _Iyear_1698 _Iyear_1699
{col 16}_Iyear_1700 _Iyear_1704 _Iyear_1705 _Iyear_1706 _Iyear_1707
{col 16}_Iyear_1717 _Iyear_1729 _Iyear_1730 _Iyear_1731 _Iyear_1733
{col 16}_Iyear_1739 _Iyear_1750 _Iyear_1751

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    23{txt}{col 55}Number of obs = {res}     147
{txt}{col 55}F(  1,    22) = {res}    2.91
{txt}{col 55}Prob > F      = {res}  0.1021
{txt}Total (centered) SS     = {res}   301211832{txt}{col 55}Centered R2   = {res}  0.0373
{txt}Total (uncentered) SS   = {res}   301211832{txt}{col 55}Uncentered R2 = {res}  0.0373
{txt}Residual SS             = {res} 289967275.2{txt}{col 55}Root MSE      = {res}    1529

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    difprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} 69.55471{col 26}{space 2} 33.48965{col 37}{space 1}    2.08{col 46}{space 3}0.038{col 54}{space 4} 3.916211{col 67}{space 3} 135.1932
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}   9.541
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0020
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  34.945
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  41.651
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}distfuture obyear1 obyear2 obyear3 obyear4 obyear5
{col 23}obyear7 _Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1692
{col 23}_Iyear_1693 _Iyear_1694 _Iyear_1695 _Iyear_1697
{col 23}_Iyear_1708 _Iyear_1709 _Iyear_1710 _Iyear_1711
{col 23}_Iyear_1712 _Iyear_1713 _Iyear_1714 _Iyear_1715
{col 23}_Iyear_1716 _Iyear_1718 _Iyear_1719 _Iyear_1720
{col 23}_Iyear_1728 _Iyear_1732 _Iyear_1734 _Iyear_1735
{col 23}_Iyear_1736 _Iyear_1737 _Iyear_1738 _Iyear_1740
{col 23}_Iyear_1741 _Iyear_1742 _Iyear_1744 _Iyear_1745
{col 23}_Iyear_1746 _Iyear_1747 _Iyear_1748 _Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear6 obyear8 _Iyear_1691 _Iyear_1696 _Iyear_1698
{col 23}_Iyear_1699 _Iyear_1700 _Iyear_1704 _Iyear_1705
{col 23}_Iyear_1706 _Iyear_1707 _Iyear_1717 _Iyear_1729
{col 23}_Iyear_1730 _Iyear_1731 _Iyear_1733 _Iyear_1739
{col 23}_Iyear_1750 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}difprice {c |}{res}        147    941.9687    2507.543  -8184.776   11355.07
{txt}{stata `"shellout using `"Table5A.tex"'"':Table5A.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table5A.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. 
. #delimit;
{txt}delimiter now ;
{com}. local replace append;
{txt}
{com}. foreach var of varlist lgprice {c -(};
{txt}  2{com}. xi: xtivreg2 `var' (chshsold = totspanishdeath) obyear1-obyear8 i.year distfuture if distfuture<=9 & agrhigh==0, fe cluster(provcode)
>  partial (distfuture obyear* _I*);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. local fstat = e(widstat);
{txt}  6{com}. outreg2 using  Table5B.tex, `replace' dec(2) nocons noni nor
> adds("Provinces", e(N_clust), "Mean DV", `mean', "F-Stat", `fstat');
{txt}  7{com}. local replace append;
{txt}  8{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear6 obyear8 _Iyear_1691 _Iyear_1696 _Iyear_1698
{col 21}_Iyear_1699 _Iyear_1700 _Iyear_1704 _Iyear_1705 _Iyear_1706
{col 21}_Iyear_1707 _Iyear_1717 _Iyear_1729 _Iyear_1730 _Iyear_1731
{col 21}_Iyear_1733 _Iyear_1739 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       23{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.4
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear6 obyear8 _Iyear_1691 _Iyear_1696 _Iyear_1698 _Iyear_1699
{col 16}_Iyear_1700 _Iyear_1704 _Iyear_1705 _Iyear_1706 _Iyear_1707
{col 16}_Iyear_1717 _Iyear_1729 _Iyear_1730 _Iyear_1731 _Iyear_1733
{col 16}_Iyear_1739 _Iyear_1750 _Iyear_1751

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    23{txt}{col 55}Number of obs = {res}     147
{txt}{col 55}F(  1,    22) = {res}    2.63
{txt}{col 55}Prob > F      = {res}  0.1192
{txt}Total (centered) SS     = {res} 8.883791687{txt}{col 55}Centered R2   = {res}  0.1382
{txt}Total (uncentered) SS   = {res} 8.883791687{txt}{col 55}Uncentered R2 = {res}  0.1382
{txt}Residual SS             = {res} 7.655808152{txt}{col 55}Root MSE      = {res}   .2485

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}     lgprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} .0183952{col 26}{space 2} .0093202{col 37}{space 1}    1.97{col 46}{space 3}0.048{col 54}{space 4}  .000128{col 67}{space 3} .0366624
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}   9.541
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0020
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  34.945
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  41.651
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}distfuture obyear1 obyear2 obyear3 obyear4 obyear5
{col 23}obyear7 _Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1692
{col 23}_Iyear_1693 _Iyear_1694 _Iyear_1695 _Iyear_1697
{col 23}_Iyear_1708 _Iyear_1709 _Iyear_1710 _Iyear_1711
{col 23}_Iyear_1712 _Iyear_1713 _Iyear_1714 _Iyear_1715
{col 23}_Iyear_1716 _Iyear_1718 _Iyear_1719 _Iyear_1720
{col 23}_Iyear_1728 _Iyear_1732 _Iyear_1734 _Iyear_1735
{col 23}_Iyear_1736 _Iyear_1737 _Iyear_1738 _Iyear_1740
{col 23}_Iyear_1741 _Iyear_1742 _Iyear_1744 _Iyear_1745
{col 23}_Iyear_1746 _Iyear_1747 _Iyear_1748 _Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear6 obyear8 _Iyear_1691 _Iyear_1696 _Iyear_1698
{col 23}_Iyear_1699 _Iyear_1700 _Iyear_1704 _Iyear_1705
{col 23}_Iyear_1706 _Iyear_1707 _Iyear_1717 _Iyear_1729
{col 23}_Iyear_1730 _Iyear_1731 _Iyear_1733 _Iyear_1739
{col 23}_Iyear_1750 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 5}lgprice {c |}{res}        147    .1575529    .3901819  -1.038252   1.203973
{txt}{stata `"shellout using `"Table5B.tex"'"':Table5B.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table5B.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. 
. 
. ***************
. *Panels C and D
. ***************
. 
. *Elevation
. 
. #delimit;
{txt}delimiter now ;
{com}. local replace replace;
{txt}
{com}. foreach var of varlist difprice {c -(};
{txt}  2{com}. xi: xtivreg2 `var' (chshsold = totspanishdeath) obyear1-obyear8 i.year distfuture if distfuture<=9 & high==1, fe cluster(provcode)
>  partial (distfuture obyear* _I*);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. local fstat = e(widstat);
{txt}  6{com}. outreg2 using  Table5C.tex, `replace' dec(2) nocons noni nor
> adds("Provinces", e(N_clust), "Mean DV", `mean', "F-Stat", `fstat');
{txt}  7{com}. local replace append;
{txt}  8{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear2 obyear6 obyear8 _Iyear_1698 _Iyear_1699 _Iyear_1704
{col 21}_Iyear_1705 _Iyear_1717 _Iyear_1720 _Iyear_1729 _Iyear_1730
{col 21}_Iyear_1733 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       23{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.7
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear2 obyear6 obyear8 _Iyear_1698 _Iyear_1699 _Iyear_1704
{col 16}_Iyear_1705 _Iyear_1717 _Iyear_1720 _Iyear_1729 _Iyear_1730
{col 16}_Iyear_1733 _Iyear_1750 _Iyear_1751

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    23{txt}{col 55}Number of obs = {res}     155
{txt}{col 55}F(  1,    22) = {res}    5.50
{txt}{col 55}Prob > F      = {res}  0.0284
{txt}Total (centered) SS     = {res} 795751211.1{txt}{col 55}Centered R2   = {res} -0.0518
{txt}Total (uncentered) SS   = {res} 795751211.1{txt}{col 55}Uncentered R2 = {res} -0.0518
{txt}Residual SS             = {res} 836937853.8{txt}{col 55}Root MSE      = {res}    2518

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    difprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} 231.8389{col 26}{space 2} 80.20152{col 37}{space 1}    2.89{col 46}{space 3}0.004{col 54}{space 4} 74.64685{col 67}{space 3}  389.031
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}   9.811
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0017
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  35.258
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  42.944
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}distfuture obyear1 obyear3 obyear4 obyear5 obyear7
{col 23}_Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1691
{col 23}_Iyear_1692 _Iyear_1693 _Iyear_1694 _Iyear_1695
{col 23}_Iyear_1696 _Iyear_1697 _Iyear_1700 _Iyear_1706
{col 23}_Iyear_1707 _Iyear_1708 _Iyear_1709 _Iyear_1710
{col 23}_Iyear_1711 _Iyear_1712 _Iyear_1713 _Iyear_1714
{col 23}_Iyear_1715 _Iyear_1716 _Iyear_1718 _Iyear_1719
{col 23}_Iyear_1728 _Iyear_1731 _Iyear_1732 _Iyear_1734
{col 23}_Iyear_1735 _Iyear_1736 _Iyear_1737 _Iyear_1738
{col 23}_Iyear_1739 _Iyear_1740 _Iyear_1741 _Iyear_1742
{col 23}_Iyear_1744 _Iyear_1745 _Iyear_1746 _Iyear_1747
{col 23}_Iyear_1748 _Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear2 obyear6 obyear8 _Iyear_1698 _Iyear_1699
{col 23}_Iyear_1704 _Iyear_1705 _Iyear_1717 _Iyear_1720
{col 23}_Iyear_1729 _Iyear_1730 _Iyear_1733 _Iyear_1750
{col 23}_Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}difprice {c |}{res}        155    952.9313    3325.125  -14719.95   16970.71
{txt}{stata `"shellout using `"Table5C.tex"'"':Table5C.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table5C.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. 
. 
. #delimit;
{txt}delimiter now ;
{com}. local replace replace;
{txt}
{com}. foreach var of varlist lgprice {c -(};
{txt}  2{com}. xi: xtivreg2 `var' (chshsold = totspanishdeath) obyear1-obyear8 i.year distfuture if distfuture<=9 & high==1, fe cluster(provcode)
>  partial (distfuture obyear* _I*);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. local fstat = e(widstat);
{txt}  6{com}. outreg2 using  Table5D.tex, `replace' dec(2) nocons noni nor
> adds("Provinces", e(N_clust), "Mean DV", `mean', "F-Stat", `fstat');
{txt}  7{com}. local replace append;
{txt}  8{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear2 obyear6 obyear8 _Iyear_1698 _Iyear_1699 _Iyear_1704
{col 21}_Iyear_1705 _Iyear_1717 _Iyear_1720 _Iyear_1729 _Iyear_1730
{col 21}_Iyear_1733 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       23{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.7
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear2 obyear6 obyear8 _Iyear_1698 _Iyear_1699 _Iyear_1704
{col 16}_Iyear_1705 _Iyear_1717 _Iyear_1720 _Iyear_1729 _Iyear_1730
{col 16}_Iyear_1733 _Iyear_1750 _Iyear_1751

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    23{txt}{col 55}Number of obs = {res}     155
{txt}{col 55}F(  1,    22) = {res}   15.20
{txt}{col 55}Prob > F      = {res}  0.0008
{txt}Total (centered) SS     = {res} 13.02043965{txt}{col 55}Centered R2   = {res}  0.0382
{txt}Total (uncentered) SS   = {res} 13.02043965{txt}{col 55}Uncentered R2 = {res}  0.0382
{txt}Residual SS             = {res} 12.52332527{txt}{col 55}Root MSE      = {res}    .308

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}     lgprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} .0257987{col 26}{space 2} .0053685{col 37}{space 1}    4.81{col 46}{space 3}0.000{col 54}{space 4} .0152765{col 67}{space 3} .0363208
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}   9.811
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0017
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  35.258
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  42.944
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}distfuture obyear1 obyear3 obyear4 obyear5 obyear7
{col 23}_Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1691
{col 23}_Iyear_1692 _Iyear_1693 _Iyear_1694 _Iyear_1695
{col 23}_Iyear_1696 _Iyear_1697 _Iyear_1700 _Iyear_1706
{col 23}_Iyear_1707 _Iyear_1708 _Iyear_1709 _Iyear_1710
{col 23}_Iyear_1711 _Iyear_1712 _Iyear_1713 _Iyear_1714
{col 23}_Iyear_1715 _Iyear_1716 _Iyear_1718 _Iyear_1719
{col 23}_Iyear_1728 _Iyear_1731 _Iyear_1732 _Iyear_1734
{col 23}_Iyear_1735 _Iyear_1736 _Iyear_1737 _Iyear_1738
{col 23}_Iyear_1739 _Iyear_1740 _Iyear_1741 _Iyear_1742
{col 23}_Iyear_1744 _Iyear_1745 _Iyear_1746 _Iyear_1747
{col 23}_Iyear_1748 _Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear2 obyear6 obyear8 _Iyear_1698 _Iyear_1699
{col 23}_Iyear_1704 _Iyear_1705 _Iyear_1717 _Iyear_1720
{col 23}_Iyear_1729 _Iyear_1730 _Iyear_1733 _Iyear_1750
{col 23}_Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 5}lgprice {c |}{res}        155    .1630652    .4516719  -1.252763   1.203973
{txt}{stata `"shellout using `"Table5D.tex"'"':Table5D.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table5D.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. 
. #delimit;
{txt}delimiter now ;
{com}. local replace append;
{txt}
{com}. foreach var of varlist difprice {c -(};
{txt}  2{com}. xi: xtivreg2 `var' (chshsold = totspanishdeath) obyear1-obyear8  i.year distfuture if distfuture<=9 & high==0, fe cluster(provcode)
>  partial (distfuture obyear* _I*);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. local fstat = e(widstat);
{txt}  6{com}. outreg2 using  Table5C.tex, `replace' dec(2) nocons noni nor
> adds("Provinces", e(N_clust), "Mean DV", `mean', "F-Stat", `fstat');
{txt}  7{com}. local replace append;
{txt}  8{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear3 obyear6 obyear8 _Iyear_1688 _Iyear_1691 _Iyear_1699
{col 21}_Iyear_1706 _Iyear_1707 _Iyear_1710 _Iyear_1729 _Iyear_1730
{col 21}_Iyear_1731 _Iyear_1733 _Iyear_1739 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       23{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.3
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear3 obyear6 obyear8 _Iyear_1688 _Iyear_1691 _Iyear_1699
{col 16}_Iyear_1706 _Iyear_1707 _Iyear_1710 _Iyear_1729 _Iyear_1730
{col 16}_Iyear_1731 _Iyear_1733 _Iyear_1739 _Iyear_1750 _Iyear_1751

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    23{txt}{col 55}Number of obs = {res}     146
{txt}{col 55}F(  1,    22) = {res}    1.35
{txt}{col 55}Prob > F      = {res}  0.2573
{txt}Total (centered) SS     = {res} 317185277.5{txt}{col 55}Centered R2   = {res} -0.0247
{txt}Total (uncentered) SS   = {res} 317185277.5{txt}{col 55}Uncentered R2 = {res} -0.0247
{txt}Residual SS             = {res} 325027376.3{txt}{col 55}Root MSE      = {res}    1626

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    difprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} 66.85271{col 26}{space 2} 46.45399{col 37}{space 1}    1.44{col 46}{space 3}0.150{col 54}{space 4}-24.19544{col 67}{space 3} 157.9009
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}   6.912
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0086
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  20.423
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  42.217
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}distfuture obyear1 obyear2 obyear4 obyear5 obyear7
{col 23}_Iyear_1689 _Iyear_1690 _Iyear_1692 _Iyear_1693
{col 23}_Iyear_1694 _Iyear_1695 _Iyear_1696 _Iyear_1697
{col 23}_Iyear_1698 _Iyear_1700 _Iyear_1704 _Iyear_1705
{col 23}_Iyear_1708 _Iyear_1709 _Iyear_1711 _Iyear_1712
{col 23}_Iyear_1713 _Iyear_1714 _Iyear_1715 _Iyear_1716
{col 23}_Iyear_1717 _Iyear_1718 _Iyear_1719 _Iyear_1720
{col 23}_Iyear_1728 _Iyear_1732 _Iyear_1734 _Iyear_1735
{col 23}_Iyear_1736 _Iyear_1737 _Iyear_1738 _Iyear_1740
{col 23}_Iyear_1741 _Iyear_1742 _Iyear_1744 _Iyear_1745
{col 23}_Iyear_1746 _Iyear_1747 _Iyear_1748 _Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear3 obyear6 obyear8 _Iyear_1688 _Iyear_1691
{col 23}_Iyear_1699 _Iyear_1706 _Iyear_1707 _Iyear_1710
{col 23}_Iyear_1729 _Iyear_1730 _Iyear_1731 _Iyear_1733
{col 23}_Iyear_1739 _Iyear_1750 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}difprice {c |}{res}        146    757.7557    2314.694  -8184.776   11225.66
{txt}{stata `"shellout using `"Table5C.tex"'"':Table5C.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table5C.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. 
. #delimit;
{txt}delimiter now ;
{com}. local replace append;
{txt}
{com}. foreach var of varlist lgprice {c -(};
{txt}  2{com}. xi: xtivreg2 `var' (chshsold = totspanishdeath) obyear1-obyear8  i.year distfuture if distfuture<=9 & high==0, fe cluster(provcode)
>  partial (distfuture obyear* _I*);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. local fstat = e(widstat);
{txt}  6{com}. outreg2 using  Table5D.tex, `replace' dec(2) nocons noni nor
> adds("Provinces", e(N_clust), "Mean DV", `mean', "F-Stat", `fstat');
{txt}  7{com}. local replace append;
{txt}  8{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear3 obyear6 obyear8 _Iyear_1688 _Iyear_1691 _Iyear_1699
{col 21}_Iyear_1706 _Iyear_1707 _Iyear_1710 _Iyear_1729 _Iyear_1730
{col 21}_Iyear_1731 _Iyear_1733 _Iyear_1739 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       23{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.3
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear3 obyear6 obyear8 _Iyear_1688 _Iyear_1691 _Iyear_1699
{col 16}_Iyear_1706 _Iyear_1707 _Iyear_1710 _Iyear_1729 _Iyear_1730
{col 16}_Iyear_1731 _Iyear_1733 _Iyear_1739 _Iyear_1750 _Iyear_1751

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    23{txt}{col 55}Number of obs = {res}     146
{txt}{col 55}F(  1,    22) = {res}    1.15
{txt}{col 55}Prob > F      = {res}  0.2946
{txt}Total (centered) SS     = {res} 10.21660302{txt}{col 55}Centered R2   = {res} -0.0072
{txt}Total (uncentered) SS   = {res} 10.21660302{txt}{col 55}Uncentered R2 = {res} -0.0072
{txt}Residual SS             = {res} 10.28972381{txt}{col 55}Root MSE      = {res}   .2892

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}     lgprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} .0145667{col 26}{space 2} .0109643{col 37}{space 1}    1.33{col 46}{space 3}0.184{col 54}{space 4} -.006923{col 67}{space 3} .0360565
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}   6.912
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0086
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  20.423
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  42.217
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}distfuture obyear1 obyear2 obyear4 obyear5 obyear7
{col 23}_Iyear_1689 _Iyear_1690 _Iyear_1692 _Iyear_1693
{col 23}_Iyear_1694 _Iyear_1695 _Iyear_1696 _Iyear_1697
{col 23}_Iyear_1698 _Iyear_1700 _Iyear_1704 _Iyear_1705
{col 23}_Iyear_1708 _Iyear_1709 _Iyear_1711 _Iyear_1712
{col 23}_Iyear_1713 _Iyear_1714 _Iyear_1715 _Iyear_1716
{col 23}_Iyear_1717 _Iyear_1718 _Iyear_1719 _Iyear_1720
{col 23}_Iyear_1728 _Iyear_1732 _Iyear_1734 _Iyear_1735
{col 23}_Iyear_1736 _Iyear_1737 _Iyear_1738 _Iyear_1740
{col 23}_Iyear_1741 _Iyear_1742 _Iyear_1744 _Iyear_1745
{col 23}_Iyear_1746 _Iyear_1747 _Iyear_1748 _Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear3 obyear6 obyear8 _Iyear_1688 _Iyear_1691
{col 23}_Iyear_1699 _Iyear_1706 _Iyear_1707 _Iyear_1710
{col 23}_Iyear_1729 _Iyear_1730 _Iyear_1731 _Iyear_1733
{col 23}_Iyear_1739 _Iyear_1750 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 5}lgprice {c |}{res}        146    .1227567    .4028761  -1.098612   1.098634
{txt}{stata `"shellout using `"Table5D.tex"'"':Table5D.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table5D.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. 
. 
. *Mining
. 
. 
. #delimit;
{txt}delimiter now ;
{com}. local replace append;
{txt}
{com}. foreach var of varlist difprice  {c -(};
{txt}  2{com}. xi: xtivreg2 `var' (chshsold = totspanishdeath) obyear1-obyear8 i.year distfuture if distfuture<=9 & mine==1, fe cluster(provcode)
>  partial (distfuture obyear* _I*);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. local fstat = e(widstat);
{txt}  6{com}. outreg2 using  Table5C.tex, `replace' dec(2) nocons noni nor
> adds("Provinces", e(N_clust), "Mean DV", `mean', "F-Stat", `fstat');
{txt}  7{com}. local replace append;
{txt}  8{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear6 obyear8 _Iyear_1691 _Iyear_1699 _Iyear_1714
{col 21}_Iyear_1729 _Iyear_1730 _Iyear_1733 _Iyear_1739 _Iyear_1750
{col 21}_Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       24{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.6
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear6 obyear8 _Iyear_1691 _Iyear_1699 _Iyear_1714 _Iyear_1729
{col 16}_Iyear_1730 _Iyear_1733 _Iyear_1739 _Iyear_1750 _Iyear_1751

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    24{txt}{col 55}Number of obs = {res}     158
{txt}{col 55}F(  1,    23) = {res}    4.90
{txt}{col 55}Prob > F      = {res}  0.0370
{txt}Total (centered) SS     = {res} 855845716.3{txt}{col 55}Centered R2   = {res} -0.0630
{txt}Total (uncentered) SS   = {res} 855845716.3{txt}{col 55}Uncentered R2 = {res} -0.0630
{txt}Residual SS             = {res} 909806577.6{txt}{col 55}Root MSE      = {res}    2606

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    difprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} 259.6621{col 26}{space 2} 94.31774{col 37}{space 1}    2.75{col 46}{space 3}0.006{col 54}{space 4} 74.80276{col 67}{space 3} 444.5215
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  10.767
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0010
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  32.681
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  61.895
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}distfuture obyear1 obyear2 obyear3 obyear4 obyear5
{col 23}obyear7 _Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1692
{col 23}_Iyear_1693 _Iyear_1694 _Iyear_1695 _Iyear_1696
{col 23}_Iyear_1697 _Iyear_1698 _Iyear_1700 _Iyear_1704
{col 23}_Iyear_1705 _Iyear_1706 _Iyear_1707 _Iyear_1708
{col 23}_Iyear_1709 _Iyear_1710 _Iyear_1711 _Iyear_1712
{col 23}_Iyear_1713 _Iyear_1715 _Iyear_1716 _Iyear_1717
{col 23}_Iyear_1718 _Iyear_1719 _Iyear_1720 _Iyear_1728
{col 23}_Iyear_1731 _Iyear_1732 _Iyear_1734 _Iyear_1735
{col 23}_Iyear_1736 _Iyear_1737 _Iyear_1738 _Iyear_1740
{col 23}_Iyear_1741 _Iyear_1742 _Iyear_1744 _Iyear_1745
{col 23}_Iyear_1746 _Iyear_1747 _Iyear_1748 _Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear6 obyear8 _Iyear_1691 _Iyear_1699 _Iyear_1714
{col 23}_Iyear_1729 _Iyear_1730 _Iyear_1733 _Iyear_1739
{col 23}_Iyear_1750 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}difprice {c |}{res}        158    930.3135    3381.231  -14719.95   16970.71
{txt}{stata `"shellout using `"Table5C.tex"'"':Table5C.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table5C.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. 
. #delimit;
{txt}delimiter now ;
{com}. local replace append;
{txt}
{com}. foreach var of varlist lgprice  {c -(};
{txt}  2{com}. xi: xtivreg2 `var' (chshsold = totspanishdeath) obyear1-obyear8 i.year distfuture if distfuture<=9 & mine==1, fe cluster(provcode)
>  partial (distfuture obyear* _I*);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. local fstat = e(widstat);
{txt}  6{com}. outreg2 using  Table5D.tex, `replace' dec(2) nocons noni nor
> adds("Provinces", e(N_clust), "Mean DV", `mean', "F-Stat", `fstat');
{txt}  7{com}. local replace append;
{txt}  8{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear6 obyear8 _Iyear_1691 _Iyear_1699 _Iyear_1714
{col 21}_Iyear_1729 _Iyear_1730 _Iyear_1733 _Iyear_1739 _Iyear_1750
{col 21}_Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       24{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.6
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear6 obyear8 _Iyear_1691 _Iyear_1699 _Iyear_1714 _Iyear_1729
{col 16}_Iyear_1730 _Iyear_1733 _Iyear_1739 _Iyear_1750 _Iyear_1751

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    24{txt}{col 55}Number of obs = {res}     158
{txt}{col 55}F(  1,    23) = {res}    6.65
{txt}{col 55}Prob > F      = {res}  0.0168
{txt}Total (centered) SS     = {res} 12.38639742{txt}{col 55}Centered R2   = {res}  0.1250
{txt}Total (uncentered) SS   = {res} 12.38639742{txt}{col 55}Uncentered R2 = {res}  0.1250
{txt}Residual SS             = {res} 10.83757133{txt}{col 55}Root MSE      = {res}   .2844

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}     lgprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} .0233612{col 26}{space 2} .0072881{col 37}{space 1}    3.21{col 46}{space 3}0.001{col 54}{space 4} .0090768{col 67}{space 3} .0376457
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  10.767
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0010
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  32.681
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  61.895
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}distfuture obyear1 obyear2 obyear3 obyear4 obyear5
{col 23}obyear7 _Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1692
{col 23}_Iyear_1693 _Iyear_1694 _Iyear_1695 _Iyear_1696
{col 23}_Iyear_1697 _Iyear_1698 _Iyear_1700 _Iyear_1704
{col 23}_Iyear_1705 _Iyear_1706 _Iyear_1707 _Iyear_1708
{col 23}_Iyear_1709 _Iyear_1710 _Iyear_1711 _Iyear_1712
{col 23}_Iyear_1713 _Iyear_1715 _Iyear_1716 _Iyear_1717
{col 23}_Iyear_1718 _Iyear_1719 _Iyear_1720 _Iyear_1728
{col 23}_Iyear_1731 _Iyear_1732 _Iyear_1734 _Iyear_1735
{col 23}_Iyear_1736 _Iyear_1737 _Iyear_1738 _Iyear_1740
{col 23}_Iyear_1741 _Iyear_1742 _Iyear_1744 _Iyear_1745
{col 23}_Iyear_1746 _Iyear_1747 _Iyear_1748 _Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear6 obyear8 _Iyear_1691 _Iyear_1699 _Iyear_1714
{col 23}_Iyear_1729 _Iyear_1730 _Iyear_1733 _Iyear_1739
{col 23}_Iyear_1750 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 5}lgprice {c |}{res}        158    .1550012    .4712457  -1.252763   1.203973
{txt}{stata `"shellout using `"Table5D.tex"'"':Table5D.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table5D.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. 
. #delimit;
{txt}delimiter now ;
{com}. local replace append;
{txt}
{com}. foreach var of varlist difprice {c -(};
{txt}  2{com}. xi: xtivreg2 `var' (chshsold = totspanishdeath) obyear1-obyear8 i.year distfuture if distfuture<=9 & mine==0, fe cluster(provcode)
>  partial (distfuture obyear* _I*);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. local fstat = e(widstat);
{txt}  6{com}. outreg2 using  Table5C.tex, `replace' dec(2) nocons noni nor
> adds("Provinces", e(N_clust), "Mean DV", `mean', "F-Stat", `fstat');
{txt}  7{com}. local replace append;
{txt}  8{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear3 obyear6 obyear8 _Iyear_1698 _Iyear_1699 _Iyear_1704
{col 21}_Iyear_1707 _Iyear_1717 _Iyear_1729 _Iyear_1730 _Iyear_1731
{col 21}_Iyear_1733 _Iyear_1748 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       22{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.5
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear3 obyear6 obyear8 _Iyear_1698 _Iyear_1699 _Iyear_1704
{col 16}_Iyear_1707 _Iyear_1717 _Iyear_1729 _Iyear_1730 _Iyear_1731
{col 16}_Iyear_1733 _Iyear_1748 _Iyear_1750 _Iyear_1751

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    22{txt}{col 55}Number of obs = {res}     143
{txt}{col 55}F(  1,    21) = {res}    0.46
{txt}{col 55}Prob > F      = {res}  0.5060
{txt}Total (centered) SS     = {res} 210499747.5{txt}{col 55}Centered R2   = {res} -0.0004
{txt}Total (uncentered) SS   = {res} 210499747.5{txt}{col 55}Uncentered R2 = {res} -0.0004
{txt}Residual SS             = {res} 210592747.7{txt}{col 55}Root MSE      = {res}    1319

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    difprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} 38.08783{col 26}{space 2} 44.97575{col 37}{space 1}    0.85{col 46}{space 3}0.397{col 54}{space 4}-50.06302{col 67}{space 3} 126.2387
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}   5.942
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0148
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  17.348
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  28.026
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}distfuture obyear1 obyear2 obyear4 obyear5 obyear7
{col 23}_Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1691
{col 23}_Iyear_1692 _Iyear_1693 _Iyear_1694 _Iyear_1695
{col 23}_Iyear_1696 _Iyear_1697 _Iyear_1700 _Iyear_1705
{col 23}_Iyear_1706 _Iyear_1708 _Iyear_1709 _Iyear_1710
{col 23}_Iyear_1711 _Iyear_1712 _Iyear_1713 _Iyear_1714
{col 23}_Iyear_1715 _Iyear_1716 _Iyear_1718 _Iyear_1719
{col 23}_Iyear_1720 _Iyear_1728 _Iyear_1732 _Iyear_1734
{col 23}_Iyear_1735 _Iyear_1736 _Iyear_1737 _Iyear_1738
{col 23}_Iyear_1739 _Iyear_1740 _Iyear_1741 _Iyear_1742
{col 23}_Iyear_1744 _Iyear_1745 _Iyear_1746 _Iyear_1747
{col 23}_Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear3 obyear6 obyear8 _Iyear_1698 _Iyear_1699
{col 23}_Iyear_1704 _Iyear_1707 _Iyear_1717 _Iyear_1729
{col 23}_Iyear_1730 _Iyear_1731 _Iyear_1733 _Iyear_1748
{col 23}_Iyear_1750 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}difprice {c |}{res}        143    778.6514    2197.591  -8184.776   11225.66
{txt}{stata `"shellout using `"Table5C.tex"'"':Table5C.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table5C.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. 
. #delimit;
{txt}delimiter now ;
{com}. local replace append;
{txt}
{com}. foreach var of varlist lgprice {c -(};
{txt}  2{com}. xi: xtivreg2 `var' (chshsold = totspanishdeath) obyear1-obyear8 i.year distfuture if distfuture<=9 & mine==0, fe cluster(provcode)
>  partial (distfuture obyear* _I*);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. local fstat = e(widstat);
{txt}  6{com}. outreg2 using  Table5D.tex, `replace' dec(2) nocons noni nor
> adds("Provinces", e(N_clust), "Mean DV", `mean', "F-Stat", `fstat');
{txt}  7{com}. local replace append;
{txt}  8{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear3 obyear6 obyear8 _Iyear_1698 _Iyear_1699 _Iyear_1704
{col 21}_Iyear_1707 _Iyear_1717 _Iyear_1729 _Iyear_1730 _Iyear_1731
{col 21}_Iyear_1733 _Iyear_1748 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       22{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.5
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear3 obyear6 obyear8 _Iyear_1698 _Iyear_1699 _Iyear_1704
{col 16}_Iyear_1707 _Iyear_1717 _Iyear_1729 _Iyear_1730 _Iyear_1731
{col 16}_Iyear_1733 _Iyear_1748 _Iyear_1750 _Iyear_1751

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    22{txt}{col 55}Number of obs = {res}     143
{txt}{col 55}F(  1,    21) = {res}    2.09
{txt}{col 55}Prob > F      = {res}  0.1633
{txt}Total (centered) SS     = {res} 8.044436911{txt}{col 55}Centered R2   = {res} -0.0643
{txt}Total (uncentered) SS   = {res} 8.044436911{txt}{col 55}Uncentered R2 = {res} -0.0643
{txt}Residual SS             = {res} 8.561780283{txt}{col 55}Root MSE      = {res}    .266

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}     lgprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} .0197737{col 26}{space 2} .0109365{col 37}{space 1}    1.81{col 46}{space 3}0.071{col 54}{space 4}-.0016614{col 67}{space 3} .0412089
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}   5.942
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0148
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  17.348
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  28.026
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}distfuture obyear1 obyear2 obyear4 obyear5 obyear7
{col 23}_Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1691
{col 23}_Iyear_1692 _Iyear_1693 _Iyear_1694 _Iyear_1695
{col 23}_Iyear_1696 _Iyear_1697 _Iyear_1700 _Iyear_1705
{col 23}_Iyear_1706 _Iyear_1708 _Iyear_1709 _Iyear_1710
{col 23}_Iyear_1711 _Iyear_1712 _Iyear_1713 _Iyear_1714
{col 23}_Iyear_1715 _Iyear_1716 _Iyear_1718 _Iyear_1719
{col 23}_Iyear_1720 _Iyear_1728 _Iyear_1732 _Iyear_1734
{col 23}_Iyear_1735 _Iyear_1736 _Iyear_1737 _Iyear_1738
{col 23}_Iyear_1739 _Iyear_1740 _Iyear_1741 _Iyear_1742
{col 23}_Iyear_1744 _Iyear_1745 _Iyear_1746 _Iyear_1747
{col 23}_Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear3 obyear6 obyear8 _Iyear_1698 _Iyear_1699
{col 23}_Iyear_1704 _Iyear_1707 _Iyear_1717 _Iyear_1729
{col 23}_Iyear_1730 _Iyear_1731 _Iyear_1733 _Iyear_1748
{col 23}_Iyear_1750 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 5}lgprice {c |}{res}        143    .1308209     .376837  -1.038252   1.098634
{txt}{stata `"shellout using `"Table5D.tex"'"':Table5D.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table5D.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. 
. 
. *Commercial trails
. 
. #delimit;
{txt}delimiter now ;
{com}. local replace append;
{txt}
{com}. foreach var of varlist difprice {c -(};
{txt}  2{com}. xi: xtivreg2 `var' (chshsold = totspanishdeath) obyear1-obyear8 i.year distfuture if distfuture<=9 & circuito==1, fe cluster(provcode)
>  partial (distfuture obyear* _I*);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. local fstat = e(widstat);
{txt}  6{com}. outreg2 using  Table5C.tex, `replace' dec(2) nocons noni nor
> adds("Provinces", e(N_clust), "Mean DV", `mean', "F-Stat", `fstat');
{txt}  7{com}. local replace append;
{txt}  8{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear2 obyear4 obyear6 obyear8 _Iyear_1691 _Iyear_1696
{col 21}_Iyear_1698 _Iyear_1699 _Iyear_1704 _Iyear_1705 _Iyear_1714
{col 21}_Iyear_1717 _Iyear_1720 _Iyear_1729 _Iyear_1730 _Iyear_1731
{col 21}_Iyear_1733 _Iyear_1739 _Iyear_1746 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       12{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      7.1
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear2 obyear4 obyear6 obyear8 _Iyear_1691 _Iyear_1696
{col 16}_Iyear_1698 _Iyear_1699 _Iyear_1704 _Iyear_1705 _Iyear_1714
{col 16}_Iyear_1717 _Iyear_1720 _Iyear_1729 _Iyear_1730 _Iyear_1731
{col 16}_Iyear_1733 _Iyear_1739 _Iyear_1746 _Iyear_1750 _Iyear_1751

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    12{txt}{col 55}Number of obs = {res}      85
{txt}{col 55}F(  1,    11) = {res}    4.83
{txt}{col 55}Prob > F      = {res}  0.0503
{txt}Total (centered) SS     = {res} 527460347.8{txt}{col 55}Centered R2   = {res}  0.1232
{txt}Total (uncentered) SS   = {res} 527460347.8{txt}{col 55}Uncentered R2 = {res}  0.1232
{txt}Residual SS             = {res} 462484926.4{txt}{col 55}Root MSE      = {res}    2517

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    difprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} 173.3809{col 26}{space 2} 54.03853{col 37}{space 1}    3.21{col 46}{space 3}0.001{col 54}{space 4} 67.46737{col 67}{space 3} 279.2945
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}   4.804
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0284
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  18.216
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  27.110
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}distfuture obyear1 obyear3 obyear5 obyear7 _Iyear_1688
{col 23}_Iyear_1689 _Iyear_1690 _Iyear_1692 _Iyear_1693
{col 23}_Iyear_1694 _Iyear_1695 _Iyear_1697 _Iyear_1700
{col 23}_Iyear_1706 _Iyear_1707 _Iyear_1708 _Iyear_1709
{col 23}_Iyear_1710 _Iyear_1711 _Iyear_1712 _Iyear_1713
{col 23}_Iyear_1715 _Iyear_1716 _Iyear_1718 _Iyear_1719
{col 23}_Iyear_1728 _Iyear_1732 _Iyear_1734 _Iyear_1735
{col 23}_Iyear_1736 _Iyear_1737 _Iyear_1738 _Iyear_1740
{col 23}_Iyear_1741 _Iyear_1742 _Iyear_1744 _Iyear_1745
{col 23}_Iyear_1747 _Iyear_1748 _Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear2 obyear4 obyear6 obyear8 _Iyear_1691 _Iyear_1696
{col 23}_Iyear_1698 _Iyear_1699 _Iyear_1704 _Iyear_1705
{col 23}_Iyear_1714 _Iyear_1717 _Iyear_1720 _Iyear_1729
{col 23}_Iyear_1730 _Iyear_1731 _Iyear_1733 _Iyear_1739
{col 23}_Iyear_1746 _Iyear_1750 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}difprice {c |}{res}         85    982.3493    3597.881  -14719.95   16970.71
{txt}{stata `"shellout using `"Table5C.tex"'"':Table5C.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table5C.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. 
. #delimit;
{txt}delimiter now ;
{com}. local replace append;
{txt}
{com}. foreach var of varlist lgprice {c -(};
{txt}  2{com}. xi: xtivreg2 `var' (chshsold = totspanishdeath) obyear1-obyear8 i.year distfuture if distfuture<=9 & circuito==1, fe cluster(provcode)
>  partial (distfuture obyear* _I*);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. local fstat = e(widstat);
{txt}  6{com}. outreg2 using  Table5D.tex, `replace' dec(2) nocons noni nor
> adds("Provinces", e(N_clust), "Mean DV", `mean', "F-Stat", `fstat');
{txt}  7{com}. local replace append;
{txt}  8{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear2 obyear4 obyear6 obyear8 _Iyear_1691 _Iyear_1696
{col 21}_Iyear_1698 _Iyear_1699 _Iyear_1704 _Iyear_1705 _Iyear_1714
{col 21}_Iyear_1717 _Iyear_1720 _Iyear_1729 _Iyear_1730 _Iyear_1731
{col 21}_Iyear_1733 _Iyear_1739 _Iyear_1746 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       12{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      7.1
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear2 obyear4 obyear6 obyear8 _Iyear_1691 _Iyear_1696
{col 16}_Iyear_1698 _Iyear_1699 _Iyear_1704 _Iyear_1705 _Iyear_1714
{col 16}_Iyear_1717 _Iyear_1720 _Iyear_1729 _Iyear_1730 _Iyear_1731
{col 16}_Iyear_1733 _Iyear_1739 _Iyear_1746 _Iyear_1750 _Iyear_1751

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    12{txt}{col 55}Number of obs = {res}      85
{txt}{col 55}F(  1,    11) = {res}   27.87
{txt}{col 55}Prob > F      = {res}  0.0003
{txt}Total (centered) SS     = {res} 6.163773413{txt}{col 55}Centered R2   = {res}  0.3133
{txt}Total (uncentered) SS   = {res} 6.163773413{txt}{col 55}Uncentered R2 = {res}  0.3133
{txt}Residual SS             = {res} 4.232853635{txt}{col 55}Root MSE      = {res}   .2408

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}     lgprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} .0368226{col 26}{space 2} .0047777{col 37}{space 1}    7.71{col 46}{space 3}0.000{col 54}{space 4} .0274585{col 67}{space 3} .0461867
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}   4.804
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0284
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  18.216
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  27.110
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}distfuture obyear1 obyear3 obyear5 obyear7 _Iyear_1688
{col 23}_Iyear_1689 _Iyear_1690 _Iyear_1692 _Iyear_1693
{col 23}_Iyear_1694 _Iyear_1695 _Iyear_1697 _Iyear_1700
{col 23}_Iyear_1706 _Iyear_1707 _Iyear_1708 _Iyear_1709
{col 23}_Iyear_1710 _Iyear_1711 _Iyear_1712 _Iyear_1713
{col 23}_Iyear_1715 _Iyear_1716 _Iyear_1718 _Iyear_1719
{col 23}_Iyear_1728 _Iyear_1732 _Iyear_1734 _Iyear_1735
{col 23}_Iyear_1736 _Iyear_1737 _Iyear_1738 _Iyear_1740
{col 23}_Iyear_1741 _Iyear_1742 _Iyear_1744 _Iyear_1745
{col 23}_Iyear_1747 _Iyear_1748 _Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear2 obyear4 obyear6 obyear8 _Iyear_1691 _Iyear_1696
{col 23}_Iyear_1698 _Iyear_1699 _Iyear_1704 _Iyear_1705
{col 23}_Iyear_1714 _Iyear_1717 _Iyear_1720 _Iyear_1729
{col 23}_Iyear_1730 _Iyear_1731 _Iyear_1733 _Iyear_1739
{col 23}_Iyear_1746 _Iyear_1750 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 5}lgprice {c |}{res}         85    .1939794    .4479145  -.6931467   1.203973
{txt}{stata `"shellout using `"Table5D.tex"'"':Table5D.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table5D.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. 
. #delimit;
{txt}delimiter now ;
{com}. local replace append;
{txt}
{com}. foreach var of varlist difprice {c -(};
{txt}  2{com}. xi: xtivreg2 `var' (chshsold = totspanishdeath) obyear1-obyear8 i.year distfuture if distfuture<=9 & circuito==0, fe cluster(provcode)
>  partial (distfuture obyear* _I*);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. local fstat = e(widstat);
{txt}  6{com}. outreg2 using Table5C.tex, `replace' dec(2) nocons noni nor
> adds("Provinces", e(N_clust), "Mean DV", `mean', "F-Stat", `fstat');
{txt}  7{com}. local replace append;
{txt}  8{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear3 obyear6 obyear8 _Iyear_1699 _Iyear_1707 _Iyear_1729
{col 21}_Iyear_1730 _Iyear_1733 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       34{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.4
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear3 obyear6 obyear8 _Iyear_1699 _Iyear_1707 _Iyear_1729
{col 16}_Iyear_1730 _Iyear_1733 _Iyear_1750 _Iyear_1751

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    34{txt}{col 55}Number of obs = {res}     216
{txt}{col 55}F(  1,    33) = {res}    0.75
{txt}{col 55}Prob > F      = {res}  0.3940
{txt}Total (centered) SS     = {res} 536472984.1{txt}{col 55}Centered R2   = {res} -0.0098
{txt}Total (uncentered) SS   = {res} 536472984.1{txt}{col 55}Uncentered R2 = {res} -0.0098
{txt}Residual SS             = {res} 541723186.4{txt}{col 55}Root MSE      = {res}    1725

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    difprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} 34.06969{col 26}{space 2}  33.8411{col 37}{space 1}    1.01{col 46}{space 3}0.314{col 54}{space 4}-32.25764{col 67}{space 3}  100.397
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}   9.405
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0022
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  34.947
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  61.167
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}distfuture obyear1 obyear2 obyear4 obyear5 obyear7
{col 23}_Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1691
{col 23}_Iyear_1692 _Iyear_1693 _Iyear_1694 _Iyear_1695
{col 23}_Iyear_1696 _Iyear_1697 _Iyear_1698 _Iyear_1700
{col 23}_Iyear_1704 _Iyear_1705 _Iyear_1706 _Iyear_1708
{col 23}_Iyear_1709 _Iyear_1710 _Iyear_1711 _Iyear_1712
{col 23}_Iyear_1713 _Iyear_1714 _Iyear_1715 _Iyear_1716
{col 23}_Iyear_1717 _Iyear_1718 _Iyear_1719 _Iyear_1720
{col 23}_Iyear_1728 _Iyear_1731 _Iyear_1732 _Iyear_1734
{col 23}_Iyear_1735 _Iyear_1736 _Iyear_1737 _Iyear_1738
{col 23}_Iyear_1739 _Iyear_1740 _Iyear_1741 _Iyear_1742
{col 23}_Iyear_1744 _Iyear_1745 _Iyear_1746 _Iyear_1747
{col 23}_Iyear_1748 _Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear3 obyear6 obyear8 _Iyear_1699 _Iyear_1707
{col 23}_Iyear_1729 _Iyear_1730 _Iyear_1733 _Iyear_1750
{col 23}_Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}difprice {c |}{res}        216    809.4305    2545.637  -8184.776   11355.07
{txt}{stata `"shellout using `"Table5C.tex"'"':Table5C.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table5C.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. 
. #delimit;
{txt}delimiter now ;
{com}. local replace append;
{txt}
{com}. foreach var of varlist lgprice {c -(};
{txt}  2{com}. xi: xtivreg2 `var' (chshsold = totspanishdeath) obyear1-obyear8 i.year distfuture if distfuture<=9 & circuito==0, fe cluster(provcode)
>  partial (distfuture obyear* _I*);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. local fstat = e(widstat);
{txt}  6{com}. outreg2 using  Table5D.tex, `replace' dec(2) nocons noni nor
> adds("Provinces", e(N_clust), "Mean DV", `mean', "F-Stat", `fstat');
{txt}  7{com}. local replace append;
{txt}  8{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear3 obyear6 obyear8 _Iyear_1699 _Iyear_1707 _Iyear_1729
{col 21}_Iyear_1730 _Iyear_1733 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       34{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.4
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear3 obyear6 obyear8 _Iyear_1699 _Iyear_1707 _Iyear_1729
{col 16}_Iyear_1730 _Iyear_1733 _Iyear_1750 _Iyear_1751

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    34{txt}{col 55}Number of obs = {res}     216
{txt}{col 55}F(  1,    33) = {res}    1.85
{txt}{col 55}Prob > F      = {res}  0.1825
{txt}Total (centered) SS     = {res} 16.34572965{txt}{col 55}Centered R2   = {res} -0.0163
{txt}Total (uncentered) SS   = {res} 16.34572965{txt}{col 55}Uncentered R2 = {res} -0.0163
{txt}Residual SS             = {res} 16.61188374{txt}{col 55}Root MSE      = {res}   .3021

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}     lgprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} .0077675{col 26}{space 2} .0048926{col 37}{space 1}    1.59{col 46}{space 3}0.112{col 54}{space 4}-.0018219{col 67}{space 3} .0173569
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}   9.405
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0022
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  34.947
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  61.167
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}distfuture obyear1 obyear2 obyear4 obyear5 obyear7
{col 23}_Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1691
{col 23}_Iyear_1692 _Iyear_1693 _Iyear_1694 _Iyear_1695
{col 23}_Iyear_1696 _Iyear_1697 _Iyear_1698 _Iyear_1700
{col 23}_Iyear_1704 _Iyear_1705 _Iyear_1706 _Iyear_1708
{col 23}_Iyear_1709 _Iyear_1710 _Iyear_1711 _Iyear_1712
{col 23}_Iyear_1713 _Iyear_1714 _Iyear_1715 _Iyear_1716
{col 23}_Iyear_1717 _Iyear_1718 _Iyear_1719 _Iyear_1720
{col 23}_Iyear_1728 _Iyear_1731 _Iyear_1732 _Iyear_1734
{col 23}_Iyear_1735 _Iyear_1736 _Iyear_1737 _Iyear_1738
{col 23}_Iyear_1739 _Iyear_1740 _Iyear_1741 _Iyear_1742
{col 23}_Iyear_1744 _Iyear_1745 _Iyear_1746 _Iyear_1747
{col 23}_Iyear_1748 _Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear3 obyear6 obyear8 _Iyear_1699 _Iyear_1707
{col 23}_Iyear_1729 _Iyear_1730 _Iyear_1733 _Iyear_1750
{col 23}_Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 5}lgprice {c |}{res}        216    .1236543    .4199655  -1.252763   1.119125
{txt}{stata `"shellout using `"Table5D.tex"'"':Table5D.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table5D.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. 
. 
. *******************
. ***TABLE 6: Audiencia Members' Types
. *******************
. 
. *new members data
. 
. use newmembersdata, clear
{txt}
{com}. 
. ********
. *PANEL A
. ********
. 
. #delimit;
{txt}delimiter now ;
{com}. local replace replace;
{txt}
{com}. foreach var of varlist chshspuniv chshamuniv chshba chshlic chshdr {c -(};
{txt}  2{com}. xi: ivreg2 `var' (chshsold = totspanishdeath) obyear1-obyear8 i.year distfuture if distfuture<=9, cluster(provcode)
> first partial (obyear* distfuture _I*);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. local fstat = e(widstat);
{txt}  6{com}. outreg2 using  Table6A.tex, `replace' dec(2) nocons noni nor
> adds("Provinces", e(N_clust), "Mean DV", `mean', "F-Stat", `fstat');
{txt}  7{com}. local replace append;
{txt}  8{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 21}_Iyear_1733 _Iyear_1751
{res}
{txt}First-stage regressions
{hline 23}


First-stage regression of chshsold:

Statistics robust to heteroskedasticity and clustering on provcode
Number of obs = {col 31}{res}     301
{txt}Number of clusters (provcode) = {col 33}{res}    46
{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}    Robust
{col 1}       chshsold{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
totspanishdeath {c |}{col 17}{res}{space 2} 126.5756{col 29}{space 2}  11.8435{col 40}{space 1}   10.69{col 49}{space 3}0.000{col 57}{space 4}  103.247{col 70}{space 3} 149.9041
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
F test of excluded instruments:
  F(  1,    45) = {res}  114.22
{txt}  Prob > F      = {res}  0.0000
{help ivreg2##swstats:Sanderson-Windmeijer multivariate F test of excluded instruments:}
{txt}  F(  1,    45) = {res}  114.22
{txt}  Prob > F      = {res}  0.0000



{txt}Summary results for first-stage regressions
{hline 43}

{col 44}{help ivreg2##swstats:(Underid)}{col 65}{help ivreg2##swstats:(Weak id)}
Variable     |{col 16}{help ivreg2##swstats:F}({res}{col 17}  1{txt},{res}    45{txt})  P-val{col 37}|{col 39}{help ivreg2##swstats:SW Chi-sq}({res}  1{txt}) P-val{col 60}|{col 62}{help ivreg2##swstats:SW F}({res}{col 67}  1{txt},{res}    45{txt})
{res}chshsold    {col 14}{txt}|{col 18}{res}  114.22{col 28}  0.0000{col 37}{txt}|{col 42}{res}  143.55{col 51}  0.0000{col 60}{txt}|{col 65}{res}  114.22

{txt}NB: first-stage test statistics cluster-robust

Stock-Yogo weak ID F test critical values for single endogenous regressor:
{res}{txt}{col 36}10% maximal IV size{res}{col 67} 16.38
{txt}{col 36}15% maximal IV size{res}{col 67}  8.96
{txt}{col 36}20% maximal IV size{res}{col 67}  6.66
{txt}{col 36}25% maximal IV size{res}{col 67}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for i.i.d. errors only.

{help ivreg2##idtest:Underidentification test}
Ho: matrix of reduced form coefficients has rank=K1-1 (underidentified)
Ha: matrix has rank=K1 (identified)
{res}Kleibergen-Paap rk LM statistic{txt}{col 42}Chi-sq({res}1{txt})={res}16.35  {col 61}{txt}P-val={res}0.0001

{help ivreg2##widtest:Weak identification test}
{txt}Ho: equation is weakly identified
{res}Cragg-Donald Wald F statistic{col 65}   58.28
Kleibergen-Paap Wald rk F statistic{col 65}  114.22

{txt}Stock-Yogo weak ID test critical values for K1=1 and L1=1:
{res}{txt}{col 36}10% maximal IV size{res}{col 67} 16.38
{txt}{col 36}15% maximal IV size{res}{col 67}  8.96
{txt}{col 36}20% maximal IV size{res}{col 67}  6.66
{txt}{col 36}25% maximal IV size{res}{col 67}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.

{help ivreg2##wirobust:Weak-instrument-robust inference}
Tests of joint significance of endogenous regressors B1 in main equation
Ho: B1=0 and orthogonality conditions are valid
{res}Anderson-Rubin Wald test{txt}{col 36}F({res}1{txt},{res}45{txt})={col 49}{res}  66.97{col 61}{txt}P-val={res}0.0000
Anderson-Rubin Wald test{txt}{col 36}Chi-sq({res}1{txt})={col 49}{res}  84.18{col 61}{txt}P-val={res}0.0000
Stock-Wright LM S statistic{txt}{col 36}Chi-sq({res}1{txt})={col 49}{res}  14.71{col 61}{txt}P-val={res}0.0001

{txt}NB: Underidentification, weak identification and weak-identification-robust
    test statistics cluster-robust

Number of clusters             N_clust  = {res}        46
{txt}Number of observations               N  = {res}       301
{txt}Number of regressors                 K  = {res}         1
{txt}Number of endogenous regressors      K1 = {res}         1
{txt}Number of instruments                L  = {res}         1
{txt}Number of excluded instruments       L1 = {res}         1
{txt}Number of partialled-out regressors/IVs = {res}        56
{txt}NB: K & L do not included partialled-out variables

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    46{txt}{col 55}Number of obs = {res}     301
{txt}{col 55}F(  1,    45) = {res}  209.48
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 23734.06608{txt}{col 55}Centered R2   = {res}  0.8041
{txt}Total (uncentered) SS   = {res} 23734.06608{txt}{col 55}Uncentered R2 = {res}  0.8041
{txt}Residual SS             = {res} 4648.818231{txt}{col 55}Root MSE      = {res}    3.93

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}  chshspuniv{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2}-1.018671{col 26}{space 2}  .062781{col 37}{space 1}  -16.23{col 46}{space 3}0.000{col 54}{space 4}-1.141719{col 67}{space 3}-.8956224
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  16.346
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0001
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  58.284
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 114.219
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}obyear1 obyear2 obyear3 obyear4 obyear5 obyear7
{col 23}distfuture _Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1691
{col 23}_Iyear_1692 _Iyear_1693 _Iyear_1694 _Iyear_1695
{col 23}_Iyear_1696 _Iyear_1697 _Iyear_1698 _Iyear_1700
{col 23}_Iyear_1704 _Iyear_1705 _Iyear_1706 _Iyear_1707
{col 23}_Iyear_1708 _Iyear_1709 _Iyear_1710 _Iyear_1711
{col 23}_Iyear_1712 _Iyear_1713 _Iyear_1714 _Iyear_1715
{col 23}_Iyear_1716 _Iyear_1717 _Iyear_1718 _Iyear_1719
{col 23}_Iyear_1720 _Iyear_1728 _Iyear_1731 _Iyear_1732
{col 23}_Iyear_1734 _Iyear_1735 _Iyear_1736 _Iyear_1737
{col 23}_Iyear_1738 _Iyear_1739 _Iyear_1740 _Iyear_1741
{col 23}_Iyear_1742 _Iyear_1744 _Iyear_1745 _Iyear_1746
{col 23}_Iyear_1747 _Iyear_1748 _Iyear_1749 _Iyear_1750 _cons
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 23}_Iyear_1733 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 2}chshspuniv {c |}{res}        301   -.5388296    19.46954  -41.34616   66.66667
{txt}{stata `"shellout using `"Table6A.tex"'"':Table6A.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table6A.txt""':seeout}
i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 21}_Iyear_1733 _Iyear_1751
{res}
{txt}First-stage regressions
{hline 23}


First-stage regression of chshsold:

Statistics robust to heteroskedasticity and clustering on provcode
Number of obs = {col 31}{res}     301
{txt}Number of clusters (provcode) = {col 33}{res}    46
{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}    Robust
{col 1}       chshsold{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
totspanishdeath {c |}{col 17}{res}{space 2} 126.5756{col 29}{space 2}  11.8435{col 40}{space 1}   10.69{col 49}{space 3}0.000{col 57}{space 4}  103.247{col 70}{space 3} 149.9041
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
F test of excluded instruments:
  F(  1,    45) = {res}  114.22
{txt}  Prob > F      = {res}  0.0000
{help ivreg2##swstats:Sanderson-Windmeijer multivariate F test of excluded instruments:}
{txt}  F(  1,    45) = {res}  114.22
{txt}  Prob > F      = {res}  0.0000



{txt}Summary results for first-stage regressions
{hline 43}

{col 44}{help ivreg2##swstats:(Underid)}{col 65}{help ivreg2##swstats:(Weak id)}
Variable     |{col 16}{help ivreg2##swstats:F}({res}{col 17}  1{txt},{res}    45{txt})  P-val{col 37}|{col 39}{help ivreg2##swstats:SW Chi-sq}({res}  1{txt}) P-val{col 60}|{col 62}{help ivreg2##swstats:SW F}({res}{col 67}  1{txt},{res}    45{txt})
{res}chshsold    {col 14}{txt}|{col 18}{res}  114.22{col 28}  0.0000{col 37}{txt}|{col 42}{res}  143.55{col 51}  0.0000{col 60}{txt}|{col 65}{res}  114.22

{txt}NB: first-stage test statistics cluster-robust

Stock-Yogo weak ID F test critical values for single endogenous regressor:
{res}{txt}{col 36}10% maximal IV size{res}{col 67} 16.38
{txt}{col 36}15% maximal IV size{res}{col 67}  8.96
{txt}{col 36}20% maximal IV size{res}{col 67}  6.66
{txt}{col 36}25% maximal IV size{res}{col 67}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for i.i.d. errors only.

{help ivreg2##idtest:Underidentification test}
Ho: matrix of reduced form coefficients has rank=K1-1 (underidentified)
Ha: matrix has rank=K1 (identified)
{res}Kleibergen-Paap rk LM statistic{txt}{col 42}Chi-sq({res}1{txt})={res}16.35  {col 61}{txt}P-val={res}0.0001

{help ivreg2##widtest:Weak identification test}
{txt}Ho: equation is weakly identified
{res}Cragg-Donald Wald F statistic{col 65}   58.28
Kleibergen-Paap Wald rk F statistic{col 65}  114.22

{txt}Stock-Yogo weak ID test critical values for K1=1 and L1=1:
{res}{txt}{col 36}10% maximal IV size{res}{col 67} 16.38
{txt}{col 36}15% maximal IV size{res}{col 67}  8.96
{txt}{col 36}20% maximal IV size{res}{col 67}  6.66
{txt}{col 36}25% maximal IV size{res}{col 67}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.

{help ivreg2##wirobust:Weak-instrument-robust inference}
Tests of joint significance of endogenous regressors B1 in main equation
Ho: B1=0 and orthogonality conditions are valid
{res}Anderson-Rubin Wald test{txt}{col 36}F({res}1{txt},{res}45{txt})={col 49}{res} 117.80{col 61}{txt}P-val={res}0.0000
Anderson-Rubin Wald test{txt}{col 36}Chi-sq({res}1{txt})={col 49}{res} 148.06{col 61}{txt}P-val={res}0.0000
Stock-Wright LM S statistic{txt}{col 36}Chi-sq({res}1{txt})={col 49}{res}  16.56{col 61}{txt}P-val={res}0.0000

{txt}NB: Underidentification, weak identification and weak-identification-robust
    test statistics cluster-robust

Number of clusters             N_clust  = {res}        46
{txt}Number of observations               N  = {res}       301
{txt}Number of regressors                 K  = {res}         1
{txt}Number of endogenous regressors      K1 = {res}         1
{txt}Number of instruments                L  = {res}         1
{txt}Number of excluded instruments       L1 = {res}         1
{txt}Number of partialled-out regressors/IVs = {res}        56
{txt}NB: K & L do not included partialled-out variables

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    46{txt}{col 55}Number of obs = {res}     301
{txt}{col 55}F(  1,    45) = {res}  742.21
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 20392.99207{txt}{col 55}Centered R2   = {res}  0.9456
{txt}Total (uncentered) SS   = {res} 20392.99207{txt}{col 55}Uncentered R2 = {res}  0.9456
{txt}Residual SS             = {res} 1109.404927{txt}{col 55}Root MSE      = {res}    1.92

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}  chshamuniv{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} .9718489{col 26}{space 2} .0318198{col 37}{space 1}   30.54{col 46}{space 3}0.000{col 54}{space 4} .9094833{col 67}{space 3} 1.034215
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  16.346
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0001
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  58.284
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 114.219
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}obyear1 obyear2 obyear3 obyear4 obyear5 obyear7
{col 23}distfuture _Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1691
{col 23}_Iyear_1692 _Iyear_1693 _Iyear_1694 _Iyear_1695
{col 23}_Iyear_1696 _Iyear_1697 _Iyear_1698 _Iyear_1700
{col 23}_Iyear_1704 _Iyear_1705 _Iyear_1706 _Iyear_1707
{col 23}_Iyear_1708 _Iyear_1709 _Iyear_1710 _Iyear_1711
{col 23}_Iyear_1712 _Iyear_1713 _Iyear_1714 _Iyear_1715
{col 23}_Iyear_1716 _Iyear_1717 _Iyear_1718 _Iyear_1719
{col 23}_Iyear_1720 _Iyear_1728 _Iyear_1731 _Iyear_1732
{col 23}_Iyear_1734 _Iyear_1735 _Iyear_1736 _Iyear_1737
{col 23}_Iyear_1738 _Iyear_1739 _Iyear_1740 _Iyear_1741
{col 23}_Iyear_1742 _Iyear_1744 _Iyear_1745 _Iyear_1746
{col 23}_Iyear_1747 _Iyear_1748 _Iyear_1749 _Iyear_1750 _cons
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 23}_Iyear_1733 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 2}chshamuniv {c |}{res}        301   -.8935798    17.30347        -50    36.1991
{txt}{stata `"shellout using `"Table6A.tex"'"':Table6A.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table6A.txt""':seeout}
i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 21}_Iyear_1733 _Iyear_1751
{res}
{txt}First-stage regressions
{hline 23}


First-stage regression of chshsold:

Statistics robust to heteroskedasticity and clustering on provcode
Number of obs = {col 31}{res}     301
{txt}Number of clusters (provcode) = {col 33}{res}    46
{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}    Robust
{col 1}       chshsold{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
totspanishdeath {c |}{col 17}{res}{space 2} 126.5756{col 29}{space 2}  11.8435{col 40}{space 1}   10.69{col 49}{space 3}0.000{col 57}{space 4}  103.247{col 70}{space 3} 149.9041
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
F test of excluded instruments:
  F(  1,    45) = {res}  114.22
{txt}  Prob > F      = {res}  0.0000
{help ivreg2##swstats:Sanderson-Windmeijer multivariate F test of excluded instruments:}
{txt}  F(  1,    45) = {res}  114.22
{txt}  Prob > F      = {res}  0.0000



{txt}Summary results for first-stage regressions
{hline 43}

{col 44}{help ivreg2##swstats:(Underid)}{col 65}{help ivreg2##swstats:(Weak id)}
Variable     |{col 16}{help ivreg2##swstats:F}({res}{col 17}  1{txt},{res}    45{txt})  P-val{col 37}|{col 39}{help ivreg2##swstats:SW Chi-sq}({res}  1{txt}) P-val{col 60}|{col 62}{help ivreg2##swstats:SW F}({res}{col 67}  1{txt},{res}    45{txt})
{res}chshsold    {col 14}{txt}|{col 18}{res}  114.22{col 28}  0.0000{col 37}{txt}|{col 42}{res}  143.55{col 51}  0.0000{col 60}{txt}|{col 65}{res}  114.22

{txt}NB: first-stage test statistics cluster-robust

Stock-Yogo weak ID F test critical values for single endogenous regressor:
{res}{txt}{col 36}10% maximal IV size{res}{col 67} 16.38
{txt}{col 36}15% maximal IV size{res}{col 67}  8.96
{txt}{col 36}20% maximal IV size{res}{col 67}  6.66
{txt}{col 36}25% maximal IV size{res}{col 67}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for i.i.d. errors only.

{help ivreg2##idtest:Underidentification test}
Ho: matrix of reduced form coefficients has rank=K1-1 (underidentified)
Ha: matrix has rank=K1 (identified)
{res}Kleibergen-Paap rk LM statistic{txt}{col 42}Chi-sq({res}1{txt})={res}16.35  {col 61}{txt}P-val={res}0.0001

{help ivreg2##widtest:Weak identification test}
{txt}Ho: equation is weakly identified
{res}Cragg-Donald Wald F statistic{col 65}   58.28
Kleibergen-Paap Wald rk F statistic{col 65}  114.22

{txt}Stock-Yogo weak ID test critical values for K1=1 and L1=1:
{res}{txt}{col 36}10% maximal IV size{res}{col 67} 16.38
{txt}{col 36}15% maximal IV size{res}{col 67}  8.96
{txt}{col 36}20% maximal IV size{res}{col 67}  6.66
{txt}{col 36}25% maximal IV size{res}{col 67}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.

{help ivreg2##wirobust:Weak-instrument-robust inference}
Tests of joint significance of endogenous regressors B1 in main equation
Ho: B1=0 and orthogonality conditions are valid
{res}Anderson-Rubin Wald test{txt}{col 36}F({res}1{txt},{res}45{txt})={col 49}{res}  30.07{col 61}{txt}P-val={res}0.0000
Anderson-Rubin Wald test{txt}{col 36}Chi-sq({res}1{txt})={col 49}{res}  37.79{col 61}{txt}P-val={res}0.0000
Stock-Wright LM S statistic{txt}{col 36}Chi-sq({res}1{txt})={col 49}{res}  11.96{col 61}{txt}P-val={res}0.0005

{txt}NB: Underidentification, weak identification and weak-identification-robust
    test statistics cluster-robust

Number of clusters             N_clust  = {res}        46
{txt}Number of observations               N  = {res}       301
{txt}Number of regressors                 K  = {res}         1
{txt}Number of endogenous regressors      K1 = {res}         1
{txt}Number of instruments                L  = {res}         1
{txt}Number of excluded instruments       L1 = {res}         1
{txt}Number of partialled-out regressors/IVs = {res}        56
{txt}NB: K & L do not included partialled-out variables

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    46{txt}{col 55}Number of obs = {res}     301
{txt}{col 55}F(  1,    45) = {res}   82.06
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 15199.74847{txt}{col 55}Centered R2   = {res}  0.7154
{txt}Total (uncentered) SS   = {res} 15199.74847{txt}{col 55}Uncentered R2 = {res}  0.7154
{txt}Residual SS             = {res}  4325.90972{txt}{col 55}Root MSE      = {res}   3.791

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}      chshba{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2}-.4993405{col 26}{space 2} .0491678{col 37}{space 1}  -10.16{col 46}{space 3}0.000{col 54}{space 4}-.5957077{col 67}{space 3}-.4029733
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  16.346
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0001
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  58.284
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 114.219
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}obyear1 obyear2 obyear3 obyear4 obyear5 obyear7
{col 23}distfuture _Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1691
{col 23}_Iyear_1692 _Iyear_1693 _Iyear_1694 _Iyear_1695
{col 23}_Iyear_1696 _Iyear_1697 _Iyear_1698 _Iyear_1700
{col 23}_Iyear_1704 _Iyear_1705 _Iyear_1706 _Iyear_1707
{col 23}_Iyear_1708 _Iyear_1709 _Iyear_1710 _Iyear_1711
{col 23}_Iyear_1712 _Iyear_1713 _Iyear_1714 _Iyear_1715
{col 23}_Iyear_1716 _Iyear_1717 _Iyear_1718 _Iyear_1719
{col 23}_Iyear_1720 _Iyear_1728 _Iyear_1731 _Iyear_1732
{col 23}_Iyear_1734 _Iyear_1735 _Iyear_1736 _Iyear_1737
{col 23}_Iyear_1738 _Iyear_1739 _Iyear_1740 _Iyear_1741
{col 23}_Iyear_1742 _Iyear_1744 _Iyear_1745 _Iyear_1746
{col 23}_Iyear_1747 _Iyear_1748 _Iyear_1749 _Iyear_1750 _cons
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 23}_Iyear_1733 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 6}chshba {c |}{res}        301    .1232918    14.97041        -30         50
{txt}{stata `"shellout using `"Table6A.tex"'"':Table6A.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table6A.txt""':seeout}
i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 21}_Iyear_1733 _Iyear_1751
{res}
{txt}First-stage regressions
{hline 23}


First-stage regression of chshsold:

Statistics robust to heteroskedasticity and clustering on provcode
Number of obs = {col 31}{res}     301
{txt}Number of clusters (provcode) = {col 33}{res}    46
{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}    Robust
{col 1}       chshsold{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
totspanishdeath {c |}{col 17}{res}{space 2} 126.5756{col 29}{space 2}  11.8435{col 40}{space 1}   10.69{col 49}{space 3}0.000{col 57}{space 4}  103.247{col 70}{space 3} 149.9041
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
F test of excluded instruments:
  F(  1,    45) = {res}  114.22
{txt}  Prob > F      = {res}  0.0000
{help ivreg2##swstats:Sanderson-Windmeijer multivariate F test of excluded instruments:}
{txt}  F(  1,    45) = {res}  114.22
{txt}  Prob > F      = {res}  0.0000



{txt}Summary results for first-stage regressions
{hline 43}

{col 44}{help ivreg2##swstats:(Underid)}{col 65}{help ivreg2##swstats:(Weak id)}
Variable     |{col 16}{help ivreg2##swstats:F}({res}{col 17}  1{txt},{res}    45{txt})  P-val{col 37}|{col 39}{help ivreg2##swstats:SW Chi-sq}({res}  1{txt}) P-val{col 60}|{col 62}{help ivreg2##swstats:SW F}({res}{col 67}  1{txt},{res}    45{txt})
{res}chshsold    {col 14}{txt}|{col 18}{res}  114.22{col 28}  0.0000{col 37}{txt}|{col 42}{res}  143.55{col 51}  0.0000{col 60}{txt}|{col 65}{res}  114.22

{txt}NB: first-stage test statistics cluster-robust

Stock-Yogo weak ID F test critical values for single endogenous regressor:
{res}{txt}{col 36}10% maximal IV size{res}{col 67} 16.38
{txt}{col 36}15% maximal IV size{res}{col 67}  8.96
{txt}{col 36}20% maximal IV size{res}{col 67}  6.66
{txt}{col 36}25% maximal IV size{res}{col 67}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for i.i.d. errors only.

{help ivreg2##idtest:Underidentification test}
Ho: matrix of reduced form coefficients has rank=K1-1 (underidentified)
Ha: matrix has rank=K1 (identified)
{res}Kleibergen-Paap rk LM statistic{txt}{col 42}Chi-sq({res}1{txt})={res}16.35  {col 61}{txt}P-val={res}0.0001

{help ivreg2##widtest:Weak identification test}
{txt}Ho: equation is weakly identified
{res}Cragg-Donald Wald F statistic{col 65}   58.28
Kleibergen-Paap Wald rk F statistic{col 65}  114.22

{txt}Stock-Yogo weak ID test critical values for K1=1 and L1=1:
{res}{txt}{col 36}10% maximal IV size{res}{col 67} 16.38
{txt}{col 36}15% maximal IV size{res}{col 67}  8.96
{txt}{col 36}20% maximal IV size{res}{col 67}  6.66
{txt}{col 36}25% maximal IV size{res}{col 67}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.

{help ivreg2##wirobust:Weak-instrument-robust inference}
Tests of joint significance of endogenous regressors B1 in main equation
Ho: B1=0 and orthogonality conditions are valid
{res}Anderson-Rubin Wald test{txt}{col 36}F({res}1{txt},{res}45{txt})={col 49}{res}  49.31{col 61}{txt}P-val={res}0.0000
Anderson-Rubin Wald test{txt}{col 36}Chi-sq({res}1{txt})={col 49}{res}  61.97{col 61}{txt}P-val={res}0.0000
Stock-Wright LM S statistic{txt}{col 36}Chi-sq({res}1{txt})={col 49}{res}  16.34{col 61}{txt}P-val={res}0.0001

{txt}NB: Underidentification, weak identification and weak-identification-robust
    test statistics cluster-robust

Number of clusters             N_clust  = {res}        46
{txt}Number of observations               N  = {res}       301
{txt}Number of regressors                 K  = {res}         1
{txt}Number of endogenous regressors      K1 = {res}         1
{txt}Number of instruments                L  = {res}         1
{txt}Number of excluded instruments       L1 = {res}         1
{txt}Number of partialled-out regressors/IVs = {res}        56
{txt}NB: K & L do not included partialled-out variables

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    46{txt}{col 55}Number of obs = {res}     301
{txt}{col 55}F(  1,    45) = {res}   36.78
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 6511.414483{txt}{col 55}Centered R2   = {res} -0.3749
{txt}Total (uncentered) SS   = {res} 6511.414483{txt}{col 55}Uncentered R2 = {res} -0.3749
{txt}Residual SS             = {res} 8952.677584{txt}{col 55}Root MSE      = {res}   5.454

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}     chshlic{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2}-.5998111{col 26}{space 2} .0882235{col 37}{space 1}   -6.80{col 46}{space 3}0.000{col 54}{space 4} -.772726{col 67}{space 3}-.4268963
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  16.346
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0001
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  58.284
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 114.219
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}obyear1 obyear2 obyear3 obyear4 obyear5 obyear7
{col 23}distfuture _Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1691
{col 23}_Iyear_1692 _Iyear_1693 _Iyear_1694 _Iyear_1695
{col 23}_Iyear_1696 _Iyear_1697 _Iyear_1698 _Iyear_1700
{col 23}_Iyear_1704 _Iyear_1705 _Iyear_1706 _Iyear_1707
{col 23}_Iyear_1708 _Iyear_1709 _Iyear_1710 _Iyear_1711
{col 23}_Iyear_1712 _Iyear_1713 _Iyear_1714 _Iyear_1715
{col 23}_Iyear_1716 _Iyear_1717 _Iyear_1718 _Iyear_1719
{col 23}_Iyear_1720 _Iyear_1728 _Iyear_1731 _Iyear_1732
{col 23}_Iyear_1734 _Iyear_1735 _Iyear_1736 _Iyear_1737
{col 23}_Iyear_1738 _Iyear_1739 _Iyear_1740 _Iyear_1741
{col 23}_Iyear_1742 _Iyear_1744 _Iyear_1745 _Iyear_1746
{col 23}_Iyear_1747 _Iyear_1748 _Iyear_1749 _Iyear_1750 _cons
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 23}_Iyear_1733 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 5}chshlic {c |}{res}        301    .8296586    11.18546  -24.51923   33.33334
{txt}{stata `"shellout using `"Table6A.tex"'"':Table6A.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table6A.txt""':seeout}
i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 21}_Iyear_1733 _Iyear_1751
{res}
{txt}First-stage regressions
{hline 23}


First-stage regression of chshsold:

Statistics robust to heteroskedasticity and clustering on provcode
Number of obs = {col 31}{res}     301
{txt}Number of clusters (provcode) = {col 33}{res}    46
{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}    Robust
{col 1}       chshsold{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
totspanishdeath {c |}{col 17}{res}{space 2} 126.5756{col 29}{space 2}  11.8435{col 40}{space 1}   10.69{col 49}{space 3}0.000{col 57}{space 4}  103.247{col 70}{space 3} 149.9041
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
F test of excluded instruments:
  F(  1,    45) = {res}  114.22
{txt}  Prob > F      = {res}  0.0000
{help ivreg2##swstats:Sanderson-Windmeijer multivariate F test of excluded instruments:}
{txt}  F(  1,    45) = {res}  114.22
{txt}  Prob > F      = {res}  0.0000



{txt}Summary results for first-stage regressions
{hline 43}

{col 44}{help ivreg2##swstats:(Underid)}{col 65}{help ivreg2##swstats:(Weak id)}
Variable     |{col 16}{help ivreg2##swstats:F}({res}{col 17}  1{txt},{res}    45{txt})  P-val{col 37}|{col 39}{help ivreg2##swstats:SW Chi-sq}({res}  1{txt}) P-val{col 60}|{col 62}{help ivreg2##swstats:SW F}({res}{col 67}  1{txt},{res}    45{txt})
{res}chshsold    {col 14}{txt}|{col 18}{res}  114.22{col 28}  0.0000{col 37}{txt}|{col 42}{res}  143.55{col 51}  0.0000{col 60}{txt}|{col 65}{res}  114.22

{txt}NB: first-stage test statistics cluster-robust

Stock-Yogo weak ID F test critical values for single endogenous regressor:
{res}{txt}{col 36}10% maximal IV size{res}{col 67} 16.38
{txt}{col 36}15% maximal IV size{res}{col 67}  8.96
{txt}{col 36}20% maximal IV size{res}{col 67}  6.66
{txt}{col 36}25% maximal IV size{res}{col 67}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for i.i.d. errors only.

{help ivreg2##idtest:Underidentification test}
Ho: matrix of reduced form coefficients has rank=K1-1 (underidentified)
Ha: matrix has rank=K1 (identified)
{res}Kleibergen-Paap rk LM statistic{txt}{col 42}Chi-sq({res}1{txt})={res}16.35  {col 61}{txt}P-val={res}0.0001

{help ivreg2##widtest:Weak identification test}
{txt}Ho: equation is weakly identified
{res}Cragg-Donald Wald F statistic{col 65}   58.28
Kleibergen-Paap Wald rk F statistic{col 65}  114.22

{txt}Stock-Yogo weak ID test critical values for K1=1 and L1=1:
{res}{txt}{col 36}10% maximal IV size{res}{col 67} 16.38
{txt}{col 36}15% maximal IV size{res}{col 67}  8.96
{txt}{col 36}20% maximal IV size{res}{col 67}  6.66
{txt}{col 36}25% maximal IV size{res}{col 67}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.

{help ivreg2##wirobust:Weak-instrument-robust inference}
Tests of joint significance of endogenous regressors B1 in main equation
Ho: B1=0 and orthogonality conditions are valid
{res}Anderson-Rubin Wald test{txt}{col 36}F({res}1{txt},{res}45{txt})={col 49}{res} 156.40{col 61}{txt}P-val={res}0.0000
Anderson-Rubin Wald test{txt}{col 36}Chi-sq({res}1{txt})={col 49}{res} 196.57{col 61}{txt}P-val={res}0.0000
Stock-Wright LM S statistic{txt}{col 36}Chi-sq({res}1{txt})={col 49}{res}  18.59{col 61}{txt}P-val={res}0.0000

{txt}NB: Underidentification, weak identification and weak-identification-robust
    test statistics cluster-robust

Number of clusters             N_clust  = {res}        46
{txt}Number of observations               N  = {res}       301
{txt}Number of regressors                 K  = {res}         1
{txt}Number of endogenous regressors      K1 = {res}         1
{txt}Number of instruments                L  = {res}         1
{txt}Number of excluded instruments       L1 = {res}         1
{txt}Number of partialled-out regressors/IVs = {res}        56
{txt}NB: K & L do not included partialled-out variables

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    46{txt}{col 55}Number of obs = {res}     301
{txt}{col 55}F(  1,    45) = {res}  173.86
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 24818.15745{txt}{col 55}Centered R2   = {res}  0.6539
{txt}Total (uncentered) SS   = {res} 24818.15745{txt}{col 55}Uncentered R2 = {res}  0.6539
{txt}Residual SS             = {res} 8588.656827{txt}{col 55}Root MSE      = {res}   5.342

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}      chshdr{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} 1.406334{col 26}{space 2} .0951362{col 37}{space 1}   14.78{col 46}{space 3}0.000{col 54}{space 4} 1.219871{col 67}{space 3} 1.592798
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  16.346
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0001
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  58.284
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 114.219
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}obyear1 obyear2 obyear3 obyear4 obyear5 obyear7
{col 23}distfuture _Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1691
{col 23}_Iyear_1692 _Iyear_1693 _Iyear_1694 _Iyear_1695
{col 23}_Iyear_1696 _Iyear_1697 _Iyear_1698 _Iyear_1700
{col 23}_Iyear_1704 _Iyear_1705 _Iyear_1706 _Iyear_1707
{col 23}_Iyear_1708 _Iyear_1709 _Iyear_1710 _Iyear_1711
{col 23}_Iyear_1712 _Iyear_1713 _Iyear_1714 _Iyear_1715
{col 23}_Iyear_1716 _Iyear_1717 _Iyear_1718 _Iyear_1719
{col 23}_Iyear_1720 _Iyear_1728 _Iyear_1731 _Iyear_1732
{col 23}_Iyear_1734 _Iyear_1735 _Iyear_1736 _Iyear_1737
{col 23}_Iyear_1738 _Iyear_1739 _Iyear_1740 _Iyear_1741
{col 23}_Iyear_1742 _Iyear_1744 _Iyear_1745 _Iyear_1746
{col 23}_Iyear_1747 _Iyear_1748 _Iyear_1749 _Iyear_1750 _cons
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 23}_Iyear_1733 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 6}chshdr {c |}{res}        301   -3.127147    19.25418  -66.66666   37.98077
{txt}{stata `"shellout using `"Table6A.tex"'"':Table6A.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table6A.txt""':seeout}

{com}. #delimit cr
{txt}delimiter now cr
{com}. 
. 
. ********
. *PANEL B
. ********
. 
. #delimit;
{txt}delimiter now ;
{com}. local replace replace;
{txt}
{com}. foreach var of varlist chshfamcon chshdisp chshlimawife chshprop chshmerchant {c -(};
{txt}  2{com}. xi: xtivreg2 `var' (chshsold = totspanishdeath) obyear1-obyear8 i.year distfuture if distfuture<=9, fe cluster(provcode)
> first partial (obyear* distfuture _I*);
{txt}  3{com}. sum `var' if e(sample);
{txt}  4{com}. local mean = r(mean);
{txt}  5{com}. local fstat = e(widstat);
{txt}  6{com}. outreg2 using  Table6B.tex, `replace' dec(2) nocons noni nor
> adds("Provinces", e(N_clust), "Mean DV", `mean', "F-Stat", `fstat');
{txt}  7{com}. local replace append;
{txt}  8{com}. {c )-};
{txt}i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 21}_Iyear_1733 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       46{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.5
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730 _Iyear_1733
{col 16}_Iyear_1750 _Iyear_1751

First-stage regressions
{hline 23}


FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       46{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.5
{txt}{col 64}max{col 68}={col 70}{res}       13

{txt}First-stage regression of chshsold:

Statistics robust to heteroskedasticity and clustering on provcode
Number of obs = {col 31}{res}     301
{txt}Number of clusters (provcode) = {col 33}{res}    46
{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}    Robust
{col 1}       chshsold{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
totspanishdeath {c |}{col 17}{res}{space 2} 146.3336{col 29}{space 2} 13.59328{col 40}{space 1}   10.77{col 49}{space 3}0.000{col 57}{space 4}  119.529{col 70}{space 3} 173.1381
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
F test of excluded instruments:
  F(  1,    45) = {res}  115.89
{txt}  Prob > F      = {res}  0.0000
{help ivreg2##swstats:Sanderson-Windmeijer multivariate F test of excluded instruments:}
{txt}  F(  1,    45) = {res}  115.89
{txt}  Prob > F      = {res}  0.0000



{txt}Summary results for first-stage regressions
{hline 43}

{col 44}{help ivreg2##swstats:(Underid)}{col 65}{help ivreg2##swstats:(Weak id)}
Variable     |{col 16}{help ivreg2##swstats:F}({res}{col 17}  1{txt},{res}    45{txt})  P-val{col 37}|{col 39}{help ivreg2##swstats:SW Chi-sq}({res}  1{txt}) P-val{col 60}|{col 62}{help ivreg2##swstats:SW F}({res}{col 67}  1{txt},{res}    45{txt})
{res}chshsold    {col 14}{txt}|{col 18}{res}  115.89{col 28}  0.0000{col 37}{txt}|{col 42}{res}  144.47{col 51}  0.0000{col 60}{txt}|{col 65}{res}  115.89

{txt}NB: first-stage test statistics cluster-robust

Stock-Yogo weak ID F test critical values for single endogenous regressor:
{res}{txt}{col 36}10% maximal IV size{res}{col 67} 16.38
{txt}{col 36}15% maximal IV size{res}{col 67}  8.96
{txt}{col 36}20% maximal IV size{res}{col 67}  6.66
{txt}{col 36}25% maximal IV size{res}{col 67}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for i.i.d. errors only.

{help ivreg2##idtest:Underidentification test}
Ho: matrix of reduced form coefficients has rank=K1-1 (underidentified)
Ha: matrix has rank=K1 (identified)
{res}Kleibergen-Paap rk LM statistic{txt}{col 42}Chi-sq({res}1{txt})={res}17.31  {col 61}{txt}P-val={res}0.0000

{help ivreg2##widtest:Weak identification test}
{txt}Ho: equation is weakly identified
{res}Cragg-Donald Wald F statistic{col 65}   68.67
Kleibergen-Paap Wald rk F statistic{col 65}  115.89

{txt}Stock-Yogo weak ID test critical values for K1=1 and L1=1:
{res}{txt}{col 36}10% maximal IV size{res}{col 67} 16.38
{txt}{col 36}15% maximal IV size{res}{col 67}  8.96
{txt}{col 36}20% maximal IV size{res}{col 67}  6.66
{txt}{col 36}25% maximal IV size{res}{col 67}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.

{help ivreg2##wirobust:Weak-instrument-robust inference}
Tests of joint significance of endogenous regressors B1 in main equation
Ho: B1=0 and orthogonality conditions are valid
{res}Anderson-Rubin Wald test{txt}{col 36}F({res}1{txt},{res}45{txt})={col 49}{res}  74.03{col 61}{txt}P-val={res}0.0000
Anderson-Rubin Wald test{txt}{col 36}Chi-sq({res}1{txt})={col 49}{res}  92.29{col 61}{txt}P-val={res}0.0000
Stock-Wright LM S statistic{txt}{col 36}Chi-sq({res}1{txt})={col 49}{res}  15.41{col 61}{txt}P-val={res}0.0001

{txt}NB: Underidentification, weak identification and weak-identification-robust
    test statistics cluster-robust

Number of clusters             N_clust  = {res}        46
{txt}Number of observations               N  = {res}       301
{txt}Number of regressors                 K  = {res}         1
{txt}Number of endogenous regressors      K1 = {res}         1
{txt}Number of instruments                L  = {res}         1
{txt}Number of excluded instruments       L1 = {res}         1
{txt}Number of partialled-out regressors/IVs = {res}        54
{txt}NB: K & L do not included partialled-out variables

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    46{txt}{col 55}Number of obs = {res}     301
{txt}{col 55}F(  1,    45) = {res}  249.41
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 15201.40966{txt}{col 55}Centered R2   = {res}  0.7374
{txt}Total (uncentered) SS   = {res} 15201.40966{txt}{col 55}Uncentered R2 = {res}  0.7374
{txt}Residual SS             = {res} 3991.405679{txt}{col 55}Root MSE      = {res}   3.956

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}  chshfamcon{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} .8151442{col 26}{space 2} .0462283{col 37}{space 1}   17.63{col 46}{space 3}0.000{col 54}{space 4} .7245384{col 67}{space 3} .9057501
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  17.313
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  68.666
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 115.888
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}obyear1 obyear2 obyear3 obyear4 obyear5 obyear7
{col 23}distfuture _Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1691
{col 23}_Iyear_1692 _Iyear_1693 _Iyear_1694 _Iyear_1695
{col 23}_Iyear_1696 _Iyear_1697 _Iyear_1698 _Iyear_1700
{col 23}_Iyear_1704 _Iyear_1705 _Iyear_1706 _Iyear_1707
{col 23}_Iyear_1708 _Iyear_1709 _Iyear_1710 _Iyear_1711
{col 23}_Iyear_1712 _Iyear_1713 _Iyear_1714 _Iyear_1715
{col 23}_Iyear_1716 _Iyear_1717 _Iyear_1718 _Iyear_1719
{col 23}_Iyear_1720 _Iyear_1728 _Iyear_1731 _Iyear_1732
{col 23}_Iyear_1734 _Iyear_1735 _Iyear_1736 _Iyear_1737
{col 23}_Iyear_1738 _Iyear_1739 _Iyear_1740 _Iyear_1741
{col 23}_Iyear_1742 _Iyear_1744 _Iyear_1745 _Iyear_1746
{col 23}_Iyear_1747 _Iyear_1748 _Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 23}_Iyear_1733 _Iyear_1750 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 2}chshfamcon {c |}{res}        301   -.2541829    16.22817        -50         30
{txt}{stata `"shellout using `"Table6B.tex"'"':Table6B.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table6B.txt""':seeout}
i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 21}_Iyear_1733 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       46{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.5
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730 _Iyear_1733
{col 16}_Iyear_1750 _Iyear_1751

First-stage regressions
{hline 23}


FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       46{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.5
{txt}{col 64}max{col 68}={col 70}{res}       13

{txt}First-stage regression of chshsold:

Statistics robust to heteroskedasticity and clustering on provcode
Number of obs = {col 31}{res}     301
{txt}Number of clusters (provcode) = {col 33}{res}    46
{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}    Robust
{col 1}       chshsold{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
totspanishdeath {c |}{col 17}{res}{space 2} 146.3336{col 29}{space 2} 13.59328{col 40}{space 1}   10.77{col 49}{space 3}0.000{col 57}{space 4}  119.529{col 70}{space 3} 173.1381
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
F test of excluded instruments:
  F(  1,    45) = {res}  115.89
{txt}  Prob > F      = {res}  0.0000
{help ivreg2##swstats:Sanderson-Windmeijer multivariate F test of excluded instruments:}
{txt}  F(  1,    45) = {res}  115.89
{txt}  Prob > F      = {res}  0.0000



{txt}Summary results for first-stage regressions
{hline 43}

{col 44}{help ivreg2##swstats:(Underid)}{col 65}{help ivreg2##swstats:(Weak id)}
Variable     |{col 16}{help ivreg2##swstats:F}({res}{col 17}  1{txt},{res}    45{txt})  P-val{col 37}|{col 39}{help ivreg2##swstats:SW Chi-sq}({res}  1{txt}) P-val{col 60}|{col 62}{help ivreg2##swstats:SW F}({res}{col 67}  1{txt},{res}    45{txt})
{res}chshsold    {col 14}{txt}|{col 18}{res}  115.89{col 28}  0.0000{col 37}{txt}|{col 42}{res}  144.47{col 51}  0.0000{col 60}{txt}|{col 65}{res}  115.89

{txt}NB: first-stage test statistics cluster-robust

Stock-Yogo weak ID F test critical values for single endogenous regressor:
{res}{txt}{col 36}10% maximal IV size{res}{col 67} 16.38
{txt}{col 36}15% maximal IV size{res}{col 67}  8.96
{txt}{col 36}20% maximal IV size{res}{col 67}  6.66
{txt}{col 36}25% maximal IV size{res}{col 67}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for i.i.d. errors only.

{help ivreg2##idtest:Underidentification test}
Ho: matrix of reduced form coefficients has rank=K1-1 (underidentified)
Ha: matrix has rank=K1 (identified)
{res}Kleibergen-Paap rk LM statistic{txt}{col 42}Chi-sq({res}1{txt})={res}17.31  {col 61}{txt}P-val={res}0.0000

{help ivreg2##widtest:Weak identification test}
{txt}Ho: equation is weakly identified
{res}Cragg-Donald Wald F statistic{col 65}   68.67
Kleibergen-Paap Wald rk F statistic{col 65}  115.89

{txt}Stock-Yogo weak ID test critical values for K1=1 and L1=1:
{res}{txt}{col 36}10% maximal IV size{res}{col 67} 16.38
{txt}{col 36}15% maximal IV size{res}{col 67}  8.96
{txt}{col 36}20% maximal IV size{res}{col 67}  6.66
{txt}{col 36}25% maximal IV size{res}{col 67}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.

{help ivreg2##wirobust:Weak-instrument-robust inference}
Tests of joint significance of endogenous regressors B1 in main equation
Ho: B1=0 and orthogonality conditions are valid
{res}Anderson-Rubin Wald test{txt}{col 36}F({res}1{txt},{res}45{txt})={col 49}{res}  19.71{col 61}{txt}P-val={res}0.0001
Anderson-Rubin Wald test{txt}{col 36}Chi-sq({res}1{txt})={col 49}{res}  24.57{col 61}{txt}P-val={res}0.0000
Stock-Wright LM S statistic{txt}{col 36}Chi-sq({res}1{txt})={col 49}{res}  12.70{col 61}{txt}P-val={res}0.0004

{txt}NB: Underidentification, weak identification and weak-identification-robust
    test statistics cluster-robust

Number of clusters             N_clust  = {res}        46
{txt}Number of observations               N  = {res}       301
{txt}Number of regressors                 K  = {res}         1
{txt}Number of endogenous regressors      K1 = {res}         1
{txt}Number of instruments                L  = {res}         1
{txt}Number of excluded instruments       L1 = {res}         1
{txt}Number of partialled-out regressors/IVs = {res}        54
{txt}NB: K & L do not included partialled-out variables

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    46{txt}{col 55}Number of obs = {res}     301
{txt}{col 55}F(  1,    45) = {res}   31.01
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 12879.50445{txt}{col 55}Centered R2   = {res}  0.5813
{txt}Total (uncentered) SS   = {res} 12879.50445{txt}{col 55}Uncentered R2 = {res}  0.5813
{txt}Residual SS             = {res} 5392.192503{txt}{col 55}Root MSE      = {res}   4.598

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    chshdisp{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} .4273229{col 26}{space 2} .0687248{col 37}{space 1}    6.22{col 46}{space 3}0.000{col 54}{space 4} .2926247{col 67}{space 3}  .562021
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  17.313
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  68.666
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 115.888
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}obyear1 obyear2 obyear3 obyear4 obyear5 obyear7
{col 23}distfuture _Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1691
{col 23}_Iyear_1692 _Iyear_1693 _Iyear_1694 _Iyear_1695
{col 23}_Iyear_1696 _Iyear_1697 _Iyear_1698 _Iyear_1700
{col 23}_Iyear_1704 _Iyear_1705 _Iyear_1706 _Iyear_1707
{col 23}_Iyear_1708 _Iyear_1709 _Iyear_1710 _Iyear_1711
{col 23}_Iyear_1712 _Iyear_1713 _Iyear_1714 _Iyear_1715
{col 23}_Iyear_1716 _Iyear_1717 _Iyear_1718 _Iyear_1719
{col 23}_Iyear_1720 _Iyear_1728 _Iyear_1731 _Iyear_1732
{col 23}_Iyear_1734 _Iyear_1735 _Iyear_1736 _Iyear_1737
{col 23}_Iyear_1738 _Iyear_1739 _Iyear_1740 _Iyear_1741
{col 23}_Iyear_1742 _Iyear_1744 _Iyear_1745 _Iyear_1746
{col 23}_Iyear_1747 _Iyear_1748 _Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 23}_Iyear_1733 _Iyear_1750 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}chshdisp {c |}{res}        301   -.7877555    15.38924        -50   31.81818
{txt}{stata `"shellout using `"Table6B.tex"'"':Table6B.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table6B.txt""':seeout}
i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 21}_Iyear_1733 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       46{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.5
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730 _Iyear_1733
{col 16}_Iyear_1750 _Iyear_1751

First-stage regressions
{hline 23}


FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       46{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.5
{txt}{col 64}max{col 68}={col 70}{res}       13

{txt}First-stage regression of chshsold:

Statistics robust to heteroskedasticity and clustering on provcode
Number of obs = {col 31}{res}     301
{txt}Number of clusters (provcode) = {col 33}{res}    46
{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}    Robust
{col 1}       chshsold{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
totspanishdeath {c |}{col 17}{res}{space 2} 146.3336{col 29}{space 2} 13.59328{col 40}{space 1}   10.77{col 49}{space 3}0.000{col 57}{space 4}  119.529{col 70}{space 3} 173.1381
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
F test of excluded instruments:
  F(  1,    45) = {res}  115.89
{txt}  Prob > F      = {res}  0.0000
{help ivreg2##swstats:Sanderson-Windmeijer multivariate F test of excluded instruments:}
{txt}  F(  1,    45) = {res}  115.89
{txt}  Prob > F      = {res}  0.0000



{txt}Summary results for first-stage regressions
{hline 43}

{col 44}{help ivreg2##swstats:(Underid)}{col 65}{help ivreg2##swstats:(Weak id)}
Variable     |{col 16}{help ivreg2##swstats:F}({res}{col 17}  1{txt},{res}    45{txt})  P-val{col 37}|{col 39}{help ivreg2##swstats:SW Chi-sq}({res}  1{txt}) P-val{col 60}|{col 62}{help ivreg2##swstats:SW F}({res}{col 67}  1{txt},{res}    45{txt})
{res}chshsold    {col 14}{txt}|{col 18}{res}  115.89{col 28}  0.0000{col 37}{txt}|{col 42}{res}  144.47{col 51}  0.0000{col 60}{txt}|{col 65}{res}  115.89

{txt}NB: first-stage test statistics cluster-robust

Stock-Yogo weak ID F test critical values for single endogenous regressor:
{res}{txt}{col 36}10% maximal IV size{res}{col 67} 16.38
{txt}{col 36}15% maximal IV size{res}{col 67}  8.96
{txt}{col 36}20% maximal IV size{res}{col 67}  6.66
{txt}{col 36}25% maximal IV size{res}{col 67}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for i.i.d. errors only.

{help ivreg2##idtest:Underidentification test}
Ho: matrix of reduced form coefficients has rank=K1-1 (underidentified)
Ha: matrix has rank=K1 (identified)
{res}Kleibergen-Paap rk LM statistic{txt}{col 42}Chi-sq({res}1{txt})={res}17.31  {col 61}{txt}P-val={res}0.0000

{help ivreg2##widtest:Weak identification test}
{txt}Ho: equation is weakly identified
{res}Cragg-Donald Wald F statistic{col 65}   68.67
Kleibergen-Paap Wald rk F statistic{col 65}  115.89

{txt}Stock-Yogo weak ID test critical values for K1=1 and L1=1:
{res}{txt}{col 36}10% maximal IV size{res}{col 67} 16.38
{txt}{col 36}15% maximal IV size{res}{col 67}  8.96
{txt}{col 36}20% maximal IV size{res}{col 67}  6.66
{txt}{col 36}25% maximal IV size{res}{col 67}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.

{help ivreg2##wirobust:Weak-instrument-robust inference}
Tests of joint significance of endogenous regressors B1 in main equation
Ho: B1=0 and orthogonality conditions are valid
{res}Anderson-Rubin Wald test{txt}{col 36}F({res}1{txt},{res}45{txt})={col 49}{res}   0.68{col 61}{txt}P-val={res}0.4155
Anderson-Rubin Wald test{txt}{col 36}Chi-sq({res}1{txt})={col 49}{res}   0.84{col 61}{txt}P-val={res}0.3588
Stock-Wright LM S statistic{txt}{col 36}Chi-sq({res}1{txt})={col 49}{res}   0.79{col 61}{txt}P-val={res}0.3726

{txt}NB: Underidentification, weak identification and weak-identification-robust
    test statistics cluster-robust

Number of clusters             N_clust  = {res}        46
{txt}Number of observations               N  = {res}       301
{txt}Number of regressors                 K  = {res}         1
{txt}Number of endogenous regressors      K1 = {res}         1
{txt}Number of instruments                L  = {res}         1
{txt}Number of excluded instruments       L1 = {res}         1
{txt}Number of partialled-out regressors/IVs = {res}        54
{txt}NB: K & L do not included partialled-out variables

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    46{txt}{col 55}Number of obs = {res}     301
{txt}{col 55}F(  1,    45) = {res}    0.74
{txt}{col 55}Prob > F      = {res}  0.3948
{txt}Total (centered) SS     = {res} 13035.98335{txt}{col 55}Centered R2   = {res}  0.1038
{txt}Total (uncentered) SS   = {res} 13035.98335{txt}{col 55}Uncentered R2 = {res}  0.1038
{txt}Residual SS             = {res} 11683.18351{txt}{col 55}Root MSE      = {res}   6.769

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}chshlimawife{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} .0736537{col 26}{space 2}  .076782{col 37}{space 1}    0.96{col 46}{space 3}0.337{col 54}{space 4}-.0768363{col 67}{space 3} .2241437
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  17.313
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  68.666
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 115.888
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}obyear1 obyear2 obyear3 obyear4 obyear5 obyear7
{col 23}distfuture _Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1691
{col 23}_Iyear_1692 _Iyear_1693 _Iyear_1694 _Iyear_1695
{col 23}_Iyear_1696 _Iyear_1697 _Iyear_1698 _Iyear_1700
{col 23}_Iyear_1704 _Iyear_1705 _Iyear_1706 _Iyear_1707
{col 23}_Iyear_1708 _Iyear_1709 _Iyear_1710 _Iyear_1711
{col 23}_Iyear_1712 _Iyear_1713 _Iyear_1714 _Iyear_1715
{col 23}_Iyear_1716 _Iyear_1717 _Iyear_1718 _Iyear_1719
{col 23}_Iyear_1720 _Iyear_1728 _Iyear_1731 _Iyear_1732
{col 23}_Iyear_1734 _Iyear_1735 _Iyear_1736 _Iyear_1737
{col 23}_Iyear_1738 _Iyear_1739 _Iyear_1740 _Iyear_1741
{col 23}_Iyear_1742 _Iyear_1744 _Iyear_1745 _Iyear_1746
{col 23}_Iyear_1747 _Iyear_1748 _Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 23}_Iyear_1733 _Iyear_1750 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
chshlimawife {c |}{res}        301   -2.348181    15.49329        -50   31.11111
{txt}{stata `"shellout using `"Table6B.tex"'"':Table6B.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table6B.txt""':seeout}
i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 21}_Iyear_1733 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       46{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.5
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730 _Iyear_1733
{col 16}_Iyear_1750 _Iyear_1751

First-stage regressions
{hline 23}


FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       46{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.5
{txt}{col 64}max{col 68}={col 70}{res}       13

{txt}First-stage regression of chshsold:

Statistics robust to heteroskedasticity and clustering on provcode
Number of obs = {col 31}{res}     301
{txt}Number of clusters (provcode) = {col 33}{res}    46
{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}    Robust
{col 1}       chshsold{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
totspanishdeath {c |}{col 17}{res}{space 2} 146.3336{col 29}{space 2} 13.59328{col 40}{space 1}   10.77{col 49}{space 3}0.000{col 57}{space 4}  119.529{col 70}{space 3} 173.1381
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
F test of excluded instruments:
  F(  1,    45) = {res}  115.89
{txt}  Prob > F      = {res}  0.0000
{help ivreg2##swstats:Sanderson-Windmeijer multivariate F test of excluded instruments:}
{txt}  F(  1,    45) = {res}  115.89
{txt}  Prob > F      = {res}  0.0000



{txt}Summary results for first-stage regressions
{hline 43}

{col 44}{help ivreg2##swstats:(Underid)}{col 65}{help ivreg2##swstats:(Weak id)}
Variable     |{col 16}{help ivreg2##swstats:F}({res}{col 17}  1{txt},{res}    45{txt})  P-val{col 37}|{col 39}{help ivreg2##swstats:SW Chi-sq}({res}  1{txt}) P-val{col 60}|{col 62}{help ivreg2##swstats:SW F}({res}{col 67}  1{txt},{res}    45{txt})
{res}chshsold    {col 14}{txt}|{col 18}{res}  115.89{col 28}  0.0000{col 37}{txt}|{col 42}{res}  144.47{col 51}  0.0000{col 60}{txt}|{col 65}{res}  115.89

{txt}NB: first-stage test statistics cluster-robust

Stock-Yogo weak ID F test critical values for single endogenous regressor:
{res}{txt}{col 36}10% maximal IV size{res}{col 67} 16.38
{txt}{col 36}15% maximal IV size{res}{col 67}  8.96
{txt}{col 36}20% maximal IV size{res}{col 67}  6.66
{txt}{col 36}25% maximal IV size{res}{col 67}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for i.i.d. errors only.

{help ivreg2##idtest:Underidentification test}
Ho: matrix of reduced form coefficients has rank=K1-1 (underidentified)
Ha: matrix has rank=K1 (identified)
{res}Kleibergen-Paap rk LM statistic{txt}{col 42}Chi-sq({res}1{txt})={res}17.31  {col 61}{txt}P-val={res}0.0000

{help ivreg2##widtest:Weak identification test}
{txt}Ho: equation is weakly identified
{res}Cragg-Donald Wald F statistic{col 65}   68.67
Kleibergen-Paap Wald rk F statistic{col 65}  115.89

{txt}Stock-Yogo weak ID test critical values for K1=1 and L1=1:
{res}{txt}{col 36}10% maximal IV size{res}{col 67} 16.38
{txt}{col 36}15% maximal IV size{res}{col 67}  8.96
{txt}{col 36}20% maximal IV size{res}{col 67}  6.66
{txt}{col 36}25% maximal IV size{res}{col 67}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.

{help ivreg2##wirobust:Weak-instrument-robust inference}
Tests of joint significance of endogenous regressors B1 in main equation
Ho: B1=0 and orthogonality conditions are valid
{res}Anderson-Rubin Wald test{txt}{col 36}F({res}1{txt},{res}45{txt})={col 49}{res}   7.51{col 61}{txt}P-val={res}0.0088
Anderson-Rubin Wald test{txt}{col 36}Chi-sq({res}1{txt})={col 49}{res}   9.37{col 61}{txt}P-val={res}0.0022
Stock-Wright LM S statistic{txt}{col 36}Chi-sq({res}1{txt})={col 49}{res}   7.09{col 61}{txt}P-val={res}0.0078

{txt}NB: Underidentification, weak identification and weak-identification-robust
    test statistics cluster-robust

Number of clusters             N_clust  = {res}        46
{txt}Number of observations               N  = {res}       301
{txt}Number of regressors                 K  = {res}         1
{txt}Number of endogenous regressors      K1 = {res}         1
{txt}Number of instruments                L  = {res}         1
{txt}Number of excluded instruments       L1 = {res}         1
{txt}Number of partialled-out regressors/IVs = {res}        54
{txt}NB: K & L do not included partialled-out variables

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    46{txt}{col 55}Number of obs = {res}     301
{txt}{col 55}F(  1,    45) = {res}   11.36
{txt}{col 55}Prob > F      = {res}  0.0015
{txt}Total (centered) SS     = {res} 12276.97808{txt}{col 55}Centered R2   = {res}  0.4237
{txt}Total (uncentered) SS   = {res} 12276.97808{txt}{col 55}Uncentered R2 = {res}  0.4237
{txt}Residual SS             = {res} 7075.602182{txt}{col 55}Root MSE      = {res}   5.268

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    chshprop{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2} .2911954{col 26}{space 2} .0773655{col 37}{space 1}    3.76{col 46}{space 3}0.000{col 54}{space 4} .1395618{col 67}{space 3} .4428289
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  17.313
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  68.666
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 115.888
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}obyear1 obyear2 obyear3 obyear4 obyear5 obyear7
{col 23}distfuture _Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1691
{col 23}_Iyear_1692 _Iyear_1693 _Iyear_1694 _Iyear_1695
{col 23}_Iyear_1696 _Iyear_1697 _Iyear_1698 _Iyear_1700
{col 23}_Iyear_1704 _Iyear_1705 _Iyear_1706 _Iyear_1707
{col 23}_Iyear_1708 _Iyear_1709 _Iyear_1710 _Iyear_1711
{col 23}_Iyear_1712 _Iyear_1713 _Iyear_1714 _Iyear_1715
{col 23}_Iyear_1716 _Iyear_1717 _Iyear_1718 _Iyear_1719
{col 23}_Iyear_1720 _Iyear_1728 _Iyear_1731 _Iyear_1732
{col 23}_Iyear_1734 _Iyear_1735 _Iyear_1736 _Iyear_1737
{col 23}_Iyear_1738 _Iyear_1739 _Iyear_1740 _Iyear_1741
{col 23}_Iyear_1742 _Iyear_1744 _Iyear_1745 _Iyear_1746
{col 23}_Iyear_1747 _Iyear_1748 _Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 23}_Iyear_1733 _Iyear_1750 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}chshprop {c |}{res}        301   -1.649816    15.81382        -50         25
{txt}{stata `"shellout using `"Table6B.tex"'"':Table6B.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table6B.txt""':seeout}
i.year{col 19}_Iyear_1687-1751{col 39}(naturally coded; _Iyear_1687 omitted)
Warning - collinearities detected
Vars dropped:{col 21}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 21}_Iyear_1733 _Iyear_1750 _Iyear_1751
{res}
{txt}FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       46{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.5
{txt}{col 64}max{col 68}={col 70}{res}       13
{txt}Warning - collinearities detected
Vars dropped:{col 16}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730 _Iyear_1733
{col 16}_Iyear_1750 _Iyear_1751

First-stage regressions
{hline 23}


FIXED EFFECTS ESTIMATION
{hline 24}
Number of groups = {res}       46{col 49}{txt}Obs per group: min{col 68}={col 70}{res}        2
{txt}{col 64}avg{col 68}={col 70}{res}      6.5
{txt}{col 64}max{col 68}={col 70}{res}       13

{txt}First-stage regression of chshsold:

Statistics robust to heteroskedasticity and clustering on provcode
Number of obs = {col 31}{res}     301
{txt}Number of clusters (provcode) = {col 33}{res}    46
{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}    Robust
{col 1}       chshsold{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
totspanishdeath {c |}{col 17}{res}{space 2} 146.3336{col 29}{space 2} 13.59328{col 40}{space 1}   10.77{col 49}{space 3}0.000{col 57}{space 4}  119.529{col 70}{space 3} 173.1381
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
F test of excluded instruments:
  F(  1,    45) = {res}  115.89
{txt}  Prob > F      = {res}  0.0000
{help ivreg2##swstats:Sanderson-Windmeijer multivariate F test of excluded instruments:}
{txt}  F(  1,    45) = {res}  115.89
{txt}  Prob > F      = {res}  0.0000



{txt}Summary results for first-stage regressions
{hline 43}

{col 44}{help ivreg2##swstats:(Underid)}{col 65}{help ivreg2##swstats:(Weak id)}
Variable     |{col 16}{help ivreg2##swstats:F}({res}{col 17}  1{txt},{res}    45{txt})  P-val{col 37}|{col 39}{help ivreg2##swstats:SW Chi-sq}({res}  1{txt}) P-val{col 60}|{col 62}{help ivreg2##swstats:SW F}({res}{col 67}  1{txt},{res}    45{txt})
{res}chshsold    {col 14}{txt}|{col 18}{res}  115.89{col 28}  0.0000{col 37}{txt}|{col 42}{res}  144.47{col 51}  0.0000{col 60}{txt}|{col 65}{res}  115.89

{txt}NB: first-stage test statistics cluster-robust

Stock-Yogo weak ID F test critical values for single endogenous regressor:
{res}{txt}{col 36}10% maximal IV size{res}{col 67} 16.38
{txt}{col 36}15% maximal IV size{res}{col 67}  8.96
{txt}{col 36}20% maximal IV size{res}{col 67}  6.66
{txt}{col 36}25% maximal IV size{res}{col 67}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for i.i.d. errors only.

{help ivreg2##idtest:Underidentification test}
Ho: matrix of reduced form coefficients has rank=K1-1 (underidentified)
Ha: matrix has rank=K1 (identified)
{res}Kleibergen-Paap rk LM statistic{txt}{col 42}Chi-sq({res}1{txt})={res}17.31  {col 61}{txt}P-val={res}0.0000

{help ivreg2##widtest:Weak identification test}
{txt}Ho: equation is weakly identified
{res}Cragg-Donald Wald F statistic{col 65}   68.67
Kleibergen-Paap Wald rk F statistic{col 65}  115.89

{txt}Stock-Yogo weak ID test critical values for K1=1 and L1=1:
{res}{txt}{col 36}10% maximal IV size{res}{col 67} 16.38
{txt}{col 36}15% maximal IV size{res}{col 67}  8.96
{txt}{col 36}20% maximal IV size{res}{col 67}  6.66
{txt}{col 36}25% maximal IV size{res}{col 67}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.

{help ivreg2##wirobust:Weak-instrument-robust inference}
Tests of joint significance of endogenous regressors B1 in main equation
Ho: B1=0 and orthogonality conditions are valid
{res}Anderson-Rubin Wald test{txt}{col 36}F({res}1{txt},{res}45{txt})={col 49}{res}   0.90{col 61}{txt}P-val={res}0.3476
Anderson-Rubin Wald test{txt}{col 36}Chi-sq({res}1{txt})={col 49}{res}   1.12{col 61}{txt}P-val={res}0.2893
Stock-Wright LM S statistic{txt}{col 36}Chi-sq({res}1{txt})={col 49}{res}   1.09{col 61}{txt}P-val={res}0.2959

{txt}NB: Underidentification, weak identification and weak-identification-robust
    test statistics cluster-robust

Number of clusters             N_clust  = {res}        46
{txt}Number of observations               N  = {res}       301
{txt}Number of regressors                 K  = {res}         1
{txt}Number of endogenous regressors      K1 = {res}         1
{txt}Number of instruments                L  = {res}         1
{txt}Number of excluded instruments       L1 = {res}         1
{txt}Number of partialled-out regressors/IVs = {res}        54
{txt}NB: K & L do not included partialled-out variables

IV (2SLS) estimation
{hline 20}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on provcode

Number of clusters (provcode) = {col 33}{res}    46{txt}{col 55}Number of obs = {res}     301
{txt}{col 55}F(  1,    45) = {res}    0.85
{txt}{col 55}Prob > F      = {res}  0.3623
{txt}Total (centered) SS     = {res} 2318.659637{txt}{col 55}Centered R2   = {res} -0.0797
{txt}Total (uncentered) SS   = {res} 2318.659637{txt}{col 55}Uncentered R2 = {res} -0.0797
{txt}Residual SS             = {res} 2503.447148{txt}{col 55}Root MSE      = {res}   3.133

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}chshmerchant{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}chshsold {c |}{col 14}{res}{space 2}-.0476176{col 26}{space 2}  .046343{col 37}{space 1}   -1.03{col 46}{space 3}0.304{col 54}{space 4}-.1384481{col 67}{space 3}  .043213
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  17.313
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  68.666
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 115.888
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}chshsold
Excluded instruments:{col 23}totspanishdeath
{help ivreg2##partial:Partialled-out}:{col 23}obyear1 obyear2 obyear3 obyear4 obyear5 obyear7
{col 23}distfuture _Iyear_1688 _Iyear_1689 _Iyear_1690 _Iyear_1691
{col 23}_Iyear_1692 _Iyear_1693 _Iyear_1694 _Iyear_1695
{col 23}_Iyear_1696 _Iyear_1697 _Iyear_1698 _Iyear_1700
{col 23}_Iyear_1704 _Iyear_1705 _Iyear_1706 _Iyear_1707
{col 23}_Iyear_1708 _Iyear_1709 _Iyear_1710 _Iyear_1711
{col 23}_Iyear_1712 _Iyear_1713 _Iyear_1714 _Iyear_1715
{col 23}_Iyear_1716 _Iyear_1717 _Iyear_1718 _Iyear_1719
{col 23}_Iyear_1720 _Iyear_1728 _Iyear_1731 _Iyear_1732
{col 23}_Iyear_1734 _Iyear_1735 _Iyear_1736 _Iyear_1737
{col 23}_Iyear_1738 _Iyear_1739 _Iyear_1740 _Iyear_1741
{col 23}_Iyear_1742 _Iyear_1744 _Iyear_1745 _Iyear_1746
{col 23}_Iyear_1747 _Iyear_1748 _Iyear_1749
{col 23}nb: total SS, model F and R2s are after partialling-out;
{col 23}    any {help ivreg2##s_small:small-sample adjustments} include partialled-out
{col 23}    variables in regressor count K
Dropped collinear:{col 23}obyear6 obyear8 _Iyear_1699 _Iyear_1729 _Iyear_1730
{col 23}_Iyear_1733 _Iyear_1750 _Iyear_1751
{hline 78}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
chshmerchant {c |}{res}        301    3.933345      7.1787  -18.18182    22.4359
{txt}{stata `"shellout using `"Table6B.tex"'"':Table6B.tex}
{browse `"C:\Users\jenny\Desktop\ReplicationJOP\HierarchicalOversight_JOP"' :dir}{com} : {txt}{stata `"seeout using "Table6B.txt""':seeout}

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